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		<img align="" alt="Gold" class="imgCont" height="464" src="http://bsmedia.business-standard.com/_media/bs/img/article/2017-07/27/full/1501095646-3652.jpg" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0;" title="Gold" width="620" />
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			<em><strong>This story has been modified to accommodate changes in some quotes.</strong></em><br />
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			India&rsquo;s government and bullion industry will joins hands with the Organisation for Economic Cooperation and Development (OECD) to prepare a policy on responsible sourcing of gold, covering import, refining and delivery.</div>
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			A task force is being set up, according to sources.<br />
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			The Bullion Federation, which was constituted with objective of adopting best practices followed globally, had made presentation in May 2017 at the Mineral Forum in Paris organised by OECD. To take the initiative forward it submitted a proposal to the government and OECD to create &quot;Indian Due Diligence Guidance for Responsible Gold Supply Chain&quot; (IRGSC).<br />
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			Tyler Gillard, head of responsible sourcing and sector projects at OECD, recently in Delhi for a conference organised by the Bullion Federation of India (BFI), said in a telephone interview, &ldquo;After meeting minister of state for finance (Arjun) Meghwal and various industry representatives, I am optimistic about India implementing the OECD Due Diligence Guidance for Responsible Gold Supply Chains.&rdquo;</div>
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			Its guideline for gold prescribes sourcing of dore or unrefined gold so as to ensure it is not from mines which are illegal or mined or sold by entities which are anti-social and so on. It also audits and certifies refineries. Gold sold by refineries following the OECD norms are eligible for delivery on exchange platforms and for use by exporters.&nbsp;</div>
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			At present, only gold from refineries approved by the London Bullion Market Association (LBMA) and Dubai Gold Delivery are considered good for delivery in Indian exchanges and for export.<br />
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			Gillard added, &ldquo;The next move would be to form a working group consisting of representatives from the Indian government, OECD and relevant domestic industry associations, which could seek to propose a responsible gold audit system for gold refiners based on the OECD Guidance. Implementing the OECD Guidance will help India increase its jewellery exports, attract more quality investment and bullion banking in the sector and tackle illicit activity linked to the gold trade.&rdquo;&nbsp;<br />
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				<span style="color:#800000;"><strong>New initiative</strong></span></div>
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					A task force is being set up to prepare a policy on responsible sourcing of gold</li>
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					OECD guidelines are to ensure that the unrefined gold is not from illegal mines</li>
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					Gold sold by refineries under the OECD norms are eligible for delivery on exchange platforms and for use by exporters</li>
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					At present, only gold from refineries approved by the LBMA and and Dubai Gold Delivery are considered good for delivery in Indian exchanges</li>
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					The only operational plant at Tumkur, Karnataka, has 2 million-unit capacity of quartz watches</li>
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					The watch model, Kanchan, used to sell at a premium in the grey market at Rs 1,000, when its legal price was Rs 700</li>
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			Implementing the OECD Guidance would, he said, help India to increase its jewellery export, attract more quality investment in the sector and tackle illicit activity linked to the gold trade.</div>
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			Harish Acharya, secretary of BFI, said: &ldquo;LBMA norms are not conducive for the Indian business situation and OECD norms will be prepared keeping in mind the Indian industry situation. We will be setting up four zonal training and facilitation centres, where government, industry and OECD will have representatives. Under OECD guidelines, refineries will have to be annually checked by certified auditors and &ldquo;these centres will be facilitating points&rdquo;, said Acharya.</div>
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In its efforts to improve good governance Indian government, bullion industry and Organisation for Economic Cooperation and Development will together work for preparing responsible gold policy covering import of gold and dore and refining as well as delivery of refined bars. A task force is being set up to decide future roadmap for further implementation, according to sources. Tyler Gillard, head of responsible sourcing and sector projects at OECD who was in delhi to be a keynote speaker at India gold convention organised by Bullion Federation of India said in a telephone interview that, "After meeting Indian minister of state for finance Mr Meghwal and various industry representatives, I am optimistic about India implementing the OECD Guidance for responsible gold supply chains."OECD responsible gold guidelines prescribes sourcing of dore or unrefined gold to ensure it is not sourced from mines which are illegal or mined or sold by entities which are anti-social and so on. It also ...

Gold

In its efforts to improve good governance Indian government, bullion industry and Organisation for Economic Cooperation and Development will together work for preparing responsible gold policy covering import of gold and dore and refining as well as delivery of refined bars. A task force is being set up to decide future roadmap for further implementation, according to sources. Tyler Gillard, head of responsible sourcing and sector projects at OECD who was in delhi to be a keynote speaker at India gold convention organised by Bullion Federation of India said in a telephone interview that, "After meeting Indian minister of state for finance Mr Meghwal and various industry representatives, I am optimistic about India implementing the OECD Guidance for responsible gold supply chains."OECD responsible gold guidelines prescribes sourcing of dore or unrefined gold to ensure it is not sourced from mines which are illegal or mined or sold by entities which are anti-social and so on. It also aud

Govt to work with OECD to prepare norms for gold imports, refining

A working group is being set up having OECD, government and industry representatives