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From June, only BIS certified gold refineries can import dore

Dore or unrefined gold in India so far can be imported by any dore refinery only

Rajesh Bhayani  |  Mumbai 

Gold, Jewellery,
.

The director general of foreign trade on Friday issued a notice saying (unrefined) can be imported only by refineries certified by the Bureau of Indian standards (BIS).

An average of 150-200 tonnes are imported a year. The duty on is marginally lower, which incentivise such refineries to import and do valuation in India. 

The new norms on imports will be effective June 1. had nearly a year ago developed standards for refining but these were not mandatory.

India has 32 refineries, with annual refining capacity of 1,470 tonnes. However, lack of availability and business viability has kept only 18 active. Of which, seven or eight have been certified by the

Some refineries in the excise-free zone at Rudrapur in Uttarakhand allow refining on contract. This will stop from June. Even these refineries will take several months to get certifications. However, according to a large BIS-certified refiner, “Import and refining will not be impacted because of the new norms. Refineries that were unable to use full capacity will get more business now.”


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From June, only BIS certified gold refineries can import dore

Dore or unrefined gold in India so far can be imported by any dore refinery only

Dore or unrefined gold in India so far can be imported by any dore refinery only
The director general of foreign trade on Friday issued a notice saying (unrefined) can be imported only by refineries certified by the Bureau of Indian standards (BIS).

An average of 150-200 tonnes are imported a year. The duty on is marginally lower, which incentivise such refineries to import and do valuation in India. 

The new norms on imports will be effective June 1. had nearly a year ago developed standards for refining but these were not mandatory.

India has 32 refineries, with annual refining capacity of 1,470 tonnes. However, lack of availability and business viability has kept only 18 active. Of which, seven or eight have been certified by the

Some refineries in the excise-free zone at Rudrapur in Uttarakhand allow refining on contract. This will stop from June. Even these refineries will take several months to get certifications. However, according to a large BIS-certified refiner, “Import and refining will not be impacted because of the new norms. Refineries that were unable to use full capacity will get more business now.”


image
Business Standard
177 22

From June, only BIS certified gold refineries can import dore

Dore or unrefined gold in India so far can be imported by any dore refinery only

The director general of foreign trade on Friday issued a notice saying (unrefined) can be imported only by refineries certified by the Bureau of Indian standards (BIS).

An average of 150-200 tonnes are imported a year. The duty on is marginally lower, which incentivise such refineries to import and do valuation in India. 

The new norms on imports will be effective June 1. had nearly a year ago developed standards for refining but these were not mandatory.

India has 32 refineries, with annual refining capacity of 1,470 tonnes. However, lack of availability and business viability has kept only 18 active. Of which, seven or eight have been certified by the

Some refineries in the excise-free zone at Rudrapur in Uttarakhand allow refining on contract. This will stop from June. Even these refineries will take several months to get certifications. However, according to a large BIS-certified refiner, “Import and refining will not be impacted because of the new norms. Refineries that were unable to use full capacity will get more business now.”


image
Business Standard
177 22