In order to standardise valuation and improve transparency, the Reserve Bank of India has tightened the norms for loans against pledge of gold jewellery. The RBI said, in a notification, that gold jewellery accepted as collateral will have to be valued at the average of the closing price of 22 carat gold for the preceding 30 days, as quoted by the Bombay Bullion Association. Currently, there is no standard method for arriving at the value of gold accepted as collateral.