Owned by the Government of Karnataka,
Complete answer: Karnataka is the largest gold producing state of India. Kolar gold fields and Hutti goldfields are two major goldfields located in Karnataka. Kolar gold fields or KGF are in Kolar district, located 100 kilometres away from Bengaluru.
At the top of the gold mining companies list, Colorado-based Newmont has ownership of mines in Nevada, Colorado, Ontario, Quebec, Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname.
Until recently there had been no real policy push to promote domestic mining in India, despite it being one of the world's largest consumers of gold. After legislation was passed in 2003 allowing private organisations to apply for mining leases, a few private and locally-listed companies began operations.
At present, Hutti in Raichur district is the biggest gold mine in India. The gold in Kolar Gold Fields has almost been exhausted or is of low grade.
The mine closed on 28 February 2001 due to a fall in gold prices, despite gold still being present there. One of India's first power-generation units was built in 1889 to support mining operations. The mine complex hosted some particle physics experiments between the 1960s and 1992.
According to the CBDT's most recent circular, men, regardless of marital status, are only allowed to possess 100 g of real gold in the form of jewelry and ornaments. Married women are allowed to possess 500 g, unmarried women 250 g, and men 500 g.
It is estimated that the amount of physical gold in the hands of Indian families (privately held not holdings by the Reserve Bank of India) amount to an astonishing 25000 – 27000 tonnes of Gold.
If you find gold in your house while digging, you are required to report it to the district authorities within 30 days. The authorities will then send an officer to inspect the treasure trove and determine its value.
Your finds
Minerals are the property of the Crown. If you discover gold or other minerals or gemstones on land not covered by a mining tenement, and the ground is Crown land (under the Mining Act 1978), then you are free to keep what you have found (as long as you hold a Miner's Right).
Australia's mining industry is 86% foreign owned, Although many people think BHP and Rio Tinto as Australian companies, BHP is 76% foreign owned, and Rio Tinto is 83%. Between them they constitute 70% of listed mining company resources.
Cadia Mine in New South Wales, was the largest gold-producing mine in Australia, producing approximately 764.9 thousand ounces of gold and an estimated 32.5 million metric tons per annum (mmtpa) of Run-of-Mine (ROM) in 2021.
Karnataka is the largest producer of gold in India. Karnataka produces 80% of the gold in India. It is known as the 'Land of Gold'. Kolar Gold Fields is the largest gold mine in the country and is located in Kolar.
Australia is estimated to have the world's largest gold reserves, with 9,500 tonnes or 17 per cent of the total world estimated gold reserves of 57,000 tonnes. Geoscience Australia estimates that 60 per cent of Australia's gold reserves are in Western Australia.
Each passenger can carry up to 1 kg (kilogram) of gold jewelry upon payment of customs duty, provided the passenger has stayed abroad for atleast a year or more. Also, Indian customs will not allow more than 1 kg of gold jewelry even if the passenger is willing to pay the customs duty for it.
Ans. An Indian passenger who has been residing abroad for over one year is allowed to bring jewellery, free of duty in his bonafide baggage upto 20 grams with a value cap of Rs. 50,000/- (in case of a gentleman passenger) or up to 40 grams with a value cap of Rs.
There is a limit of $4,999 per person per 24 hours. If your purchase is $5,000 or more we require you to have an account, and therefore, require personal identification.
Gold jewellery with an aggregate weight of upto 20 grams and a maximum monetary value of INR. 50,000 for male passengers is exempted from customs duty. Gold jewellery with an aggregate weight of upto 40 grams and a maximum monetary value of INR 100,000 for female passengers is exempted from customs duty.
Gold quantity for married and unmarried woman
A married woman is allowed to keep at least 500gm of gold with her. For the unmarried woman, the prescribed quantity is 250gm, said a report by Kotak Life.
Records claim that the British extracted about 900 tonnes of gold from this soil.
In Short. Kolar is a city in Karnataka, famous for gold mines. The story of KGF, set in Kolar Gold Fields, was however, fictional. Kolar Gold Fields was shut down in 2001.
The deepest mine in the world is AngloGold Ashanti's Mponeng gold mine, near Johannesburg in South Africa. By 2012, the operating depth had already reached 3.9-km below the surface, and later expansions have resulted in digging below the 4-km mark. In 2012, the mine produced 405,000 oz of gold.