Silver Price/Rate in West Bengal

FAQs on Silver Rate in West Bengal

• What is the silver rate in West Bengal determined by the BIS?

  Artifacts made of gold and silver can have their metal composition identified and verified through the hallmarking process. It is used as a purity assurance seal and is recognized in many nations. BIS (Bureau of Indian Standards), the nation's official standards body, attests to the purity of silver in India. The first business in India to provide 999 BIS Hallmarked Silver Coins is FX Global Metal Corporation.

• What are the possibilities that the West Bengal Silver Rate would be used in future exchanges?

  The greatest alternative for a seasoned silver investor is to purchase silver on the Futures Exchange market. The cost of brokerage, stamp duty, and other fees, as well as any costs related to trading in the futures market, would also be incurred by any buyer of silver.

• What effect does silver purity in West Bengal have on silver price?

  Silver purity is expressed as a percentage (%). To make coins that are more durable, copper and silver are frequently mixed. The alloy has 94.79% pure silver, which is the norm in West Bengal, and 5.21% of either copper or another metal. The sterling silver alloy is made up of 92.5% pure silver and 7.5% copper or other metals. The silver's purity can be ascertained in a limited number of ways. For instance, use a magnet to evaluate the silver jewelry; if it sticks, the silver is not pure. Also known as the "stink test," sterling silver passes with flying colors.

• What are the tests I can do on silver to check its purity?

  The tests that can be done on silver are the ice test, stink test and magnet test.

• What is the Silver ETF?

  Silver ETF is the Silver Exchange Traded Fund. If you want to trade on silver ETF, you should register to the US Silver ETF.

• How do I choose to buy silver coins or silver bars?

  Depending on several factors such as storage capacity and resale options, you could opt for silver coins or bars.

• How much silver is there in silver contracts?

  Silver contracts deliver up to 30kg of silver.

• When can I get the maximum return on the silver that I buy?

  When you invest in silver in the form of silver coins and silver bars and bullions, it provides the maximum returns to you when you liquidate the investment and sell the silver that you have.

• Based on the Silver Rate, how are taxes collected in West Bengal?

  Silver is frequently referred to as "poor man's gold" in West Bengal. At the time of purchase, West Bengal residents who buy silver bullion must pay VAT (value-added tax). A 1% at source tax is necessary if silver bullion purchased in cash cost more than Rs.5 lakh (at the time of silver purchase). When your net taxable value from silver surpasses Rs.30 lakh for the fiscal year, a 1% wealth tax is imposed. In every state of India, including West Bengal, silver gifts are tax-free. But in order to avoid confusion with the Income Tax (IT) Department, it is necessary to keep a record of the gifts you receive.