Thaimaman gold ring scheme: Is 1 gram of gold priced at 0.01 paise?

CHENNAI: The Information Verification Wing has clarified that claims that one gram of gold is being provided for just 0.01 paise under the Tamil Nadu government's Thaimaman Gold Ring Scheme are false.

What does the 0.01-paise quote actually mean?

According to the clarification, senior Communist Party of India (CPI) leader R Mutharasan has repeatedly claimed that one gram of gold is being provided for one paisa under the scheme.

The Information Verification Wing said this is incorrect. The price of the gold itself is calculated separately under the scheme.

The 0.01-paise amount quoted by the companies refers to the lowest bid for all additional charges, including making charges, wastage, insurance, transportation, packaging and BIS hallmarking, excluding the actual cost of one gram of gold.

Therefore, the claim that one gram of gold is being provided for Rs 0.01 is false, the wing said, urging people not to spread misinformation.