Women’s commission for limit on gold given at weddings
January 09, 2014 - 11:48:47 am
MUMBAI: The women’s commission of India’s Kerala state is seeking to limit the amount of gold given at weddings to no more than 80 grammes to reduce the burden on families and help ease India’s trade deficit.
Most Indians see gifts of gold, mostly jewellery, from the bride’s family to the groom as auspicious for a marriage, helping to ensure financial security. But grooms have been seeking increasing amounts of gold as rising duties and restrictions on imports have led to a shortage in India.
“The tendency among our parents (has become) to sell residential property to buy gold for marriages and go for rented houses,” K C Rosakutty, chairperson of the Kerala Women’s Commission said. “This is creating a lot of trouble for families.”
Kerala now uses up to 400 grammes of gold per wedding. The commission has sought a meeting with Kerala Chief Minister Oommen Chandy to press for a limit on gold gifts at 80 grammes, which would cost about Rs224,800. Gold prices have risen by 120 times since 1972 to about Rs29,000 per 10 grammes currently, data from the Reserve Bank of India showed. Reuters