Gold refineries get year-long deadline extension for BIS registration

Currently, there are around seven-eight refineries that meet BIS norms on quality

In a breather for Indian gold refineries, the Director General of Foreign Trade (DGFT) on Thursday extended the deadline for adopting mandatory BIS registration by a year, from June 2017 to June 2018. The DGFT announced the extension in a trade notice. 

This means that from June 2018 onwards, bullion refineries wanting to import or refine ore or unrefined gold shall require BIS registration and license.

The DGFT said that several players had asked for more time and hence the deadline has been extended.

The extended deadline, according to industry officials, would help refineries in preparing for the new regime. However, at present, refineries importing ore from countries not complying with best practices in mining and refining and selling ore/gold might continue to do so as long as the regulations don't apply to them. 

Currently, there are around seven-eight refineries, out of two dozen, that meet BIS norms on quality.