New good delivery norms for gold: BIS wants independent monitoring body

Also wants such an agency to come under its purview

With the bullion industry aiming to create Indian good delivery standards for gold that are in sync with globally acceptable LBMA standards, India's quality specification and regulating agency, the Bureau of Indian Standards, has expressed the view that an independent agency is required to monitor compliance to the standards. It also wants to bring such an agency under its purview, says sources close to the development.

The views were expressed by BIS in a meeting on the subject with industry stakeholders, including bullion refineries. The move was proposed by the bullion industry, and the Indian Bullion and Jewellers Association (IBJA)