Gold refineries get one more year for BIS registration
The Director General of Foreign Trade (DGFT) has extended the timeline for gold refineries to obtain BIS registration by a year to June 2018. The earlier deadline expired in June this year.
From June next year, bullion refineries wanting to import refined dore or unrefined gold shall need to have BIS registration and licence.
The DGFT said the timeline was extended after several players asked for more time. The extended time, according to an industry official, will help refineries prepare for the new regime. Currently, only seven-eight of the two dozen-odd refineries meet BIS norms on quality.