DGFT specifies only BIS certified refineries can import dore from June 1
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 ...
BIS to develop standards for 43 products under Make in India programme
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 ...
Indias gold exports can rise five-fold by 2020, says World Gold Council
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 ...
