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The Dollar Business Bureau On consideration of applications for grant of authorisation for import of gold dore, Directorate General of Foreign Trade (DGFT) on Thursday clarified that only those applications shall be considered for grant of authorisation where applicant refinery holds a valid license from Bureau of Indian Standards (BIS). “In light of representations seeking extension of the time limit, the matter has been reconsidered,” DGFT said in a trade notice no.14/(2015-2020). Reference is invited to Trade Notice No.04 dated April 21, 2017 on the above subject laying down the condition that with effect from June 1, it added. The time period for obtaining registration for BIS is also extended by a year. “It is brought to notice of the trade that the time period ...

The Dollar Business Bureau The DGFT issued a trade notification TRADE NOTICE NO.04/2018 on April 21, 2017, specifying that unrefined gold or dore can be imported only by those refineries that hold a valid licence from the Bureau of Indian Standards (BIS). This will be effective from June 1. India imported $381,006 million worth of dore in 2015-2016 and $308,813 million in FY 2017. On an average India imports nearly 200 tons of dore in a year. It should be recollected that the government had announced an increase in the excise duty on dore gold from 8% to 8.75% and excise duty from 9% to 9.5% thereby decreasing the duty differential with bullion that attracts an excise duty of 10%. Refineries in the ...

The Dollar Business Bureau    India’s foreign exchange reserves have increased to $350.29 billion during April-September 2015 from $341.64 billion recorded during the previous six-month period ending March 2015 and the buffer is enough to cover the country’s import bills up to 9.8 months. According to the Half-yearly Report on Management of Foreign Exchange Reserves released by the Reserve Bank of India (RBI) on Monday, the import cover increased to 9.8 months from 8.9 months at end-March 2015. Increase in forex reserves has also reduced the country’s liabilities in terms of foreign debt, strengthening the economy’s ability to tackle any external shocks. The country’s net International Investment Position (IIP) in end-September 2015 was -$357.8 billion, which implies that the external liabilities are ...

Source: PIB, Government of India Bureau of Indian Standards (BIS) has taken up development of standards for 43 products identified by Department of Industrial Policy & Promotion (DIPP) for manufacturing quality products in the country under Make in India programme. It has also decided to develop or upgrade standards for basic consumer services like potable water and waste collection and disposal besides revising National Building Code to promote safe and environment friendly construction in the country. This was informed during the meeting of Governing Body of BIS chaired by Ram Vilas Paswan, Minister of Consumer Affairs, Food and Public Distribution, in New Delhi on Wednesday. The meeting was attended by Members of Parliament, representatives of various central ministries and technical experts ...

 The Dollar Business Bureau India’s gold exports can increase five times from $8 billion to $40 billion per year by 2020 with the implementation of stringent hallmarking standard of jewellery across the country, the World Gold Council said on Thursday. “A credible hallmarking system with a widespread presence of assaying and hallmarking centres is essential for both the gold jewellery industry and for the implementation of a successful monetisation scheme,” said Somasundaram P R, Managing Director, India, World Gold Council. “Hallmarking is to jewellery what ’know your customer’ norms are for financial services,” Somasundaram said at the launch of the WGC’s report on Indian hallmarking. “The trust and confidence which comes with a credible nationwide hallmarking system will underpin the growth of ...

The Dollar Business Bureau Measures taken by the Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) to regulate the financial markets have got top ratings in a global survey. The regulatory framework of Indian market regulators was rated better than those adopted by similar bodies in the US and China, according to a latest assessment study conducted by the International Organisation of Securities Commissions (IOSCO) and the Bank for International Settlements (BIS). The study was conducted to assess the implementation of Principles of Financial Market Infrastructures (PFMIs) defined by IOSCO— a global body of regulators and BIS— a grouping of central banks. The study assessed regulatory framework of different countries on eight parameters and gave ratings ...