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The Union ministry of commerce and industry is set to recognise Mumbai-headquartered India Bullion and Jewellers Association (IBJA), formerly known as Bombay Bullion Association, as the ‘gold council’.
On February 25, the Prime Minister’s Office (PMO) had sent a recommendation to the commerce ministry about this.
IBJA is a body of 1,000 bullion dealers. These include importers, banks, non-banking financial companies, and distributors, who import gold worth about Rs 3 lakh crore annually. Currently, bullion dealers raise their concerns only through jewellers.
“The Gold Council status will help us raise our causes with the government and get these resolved,” said Surendra Mehta, secretary, IBJA.
The PMO’s recommendation was based on a request by IBJA. By getting the status, IBJA will become an apex benchmark association in the country. The PMO had also said that IBJA’s suggestions would be considered while taking decisions on the gold sector.
IBJA is the only body recognised by the Reserve Bank of India to disseminate the gold price every day, considered the benchmark for assessing import consignments.
