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 The precious metals sector in India has witnessed another important regulatory development with the Multi Commodity Exchange (MCX) announcing revisions to its Good Delivery (GD) norms for BIS-standard Gold and Silver. The circular aims to strengthen quality standards while creating a pathway for domestic silver refiners to participate more actively in the MCX delivery ecosystem. Introduction India is one of the world's largest consumers of precious metals, and exchanges like MCX play a critical role in ensuring transparent trading, standardized delivery practices, and quality assurance. To further support domestic refining capabilities and align with the broader vision of self-reliance in precious metals, MCX has updated its Good Delivery standards. The revised framework particularly focuses on facilitating participation by Indian silver refiners while maintaining strict quality and compliance benchmarks. Understanding MCX Good Delivery Norms Good Delivery standards define th...

  India Revises Silver Import Policy: Key Changes, Impact on Industry, and What Businesses Need to Know The Government of India has introduced an important amendment to its import policy for silver-covered products under Chapter 71 of the ITC (HS) 2022 import schedule. This policy update, announced through Notification No. 17/2026-27 dated May 16, 2026, significantly changes how certain silver products can be imported into the country. Introduction India has traditionally been one of the world's largest consumers and importers of precious metals, particularly gold and silver. Silver is widely used across multiple industries, including jewelry manufacturing, electronics, investment products, industrial applications, and bullion trading. To strengthen import controls and ensure better regulatory oversight, the Directorate General of Foreign Trade (DGFT) has revised the import policy for selected silver products. The latest notification shifts certain silver imports from a freely ...

Government Revises Customs Duty Structure on Gold, Silver & Precious Metal Imports: Key Changes Explained The Government of India has introduced major amendments to the customs duty structure applicable to gold, silver, platinum findings, precious metal ash, spent catalysts, and related imports through Notification No. 16/2026-Customs dated 12 May 2026. The revised notification will come into effect from 13 May 2026 . These amendments are expected to have a significant impact on bullion importers, refiners, jewellery manufacturers, recyclers, and the overall precious metals industry in India. Overview of the New Customs Notification The Ministry of Finance issued Notification No. 16/2026-Customs under the Customs Act, 1962 along with relevant provisions of the Finance Act, 2018 and Finance Act, 2021. The notification modifies earlier customs notifications: 11/2018-Customs 11/2021-Customs Several tariff headings and concessional duty entries have now been revised or expanded. Major ...

Gold & Precious Metals Import Duty Hiked to 10%: What It Means for Bullion Traders, Jewellers & Investors in India The Government of India has officially increased the customs duty on several precious metal categories from 5% to 10% , effective from 13 May 2026 . This major revision was announced by the Ministry of Finance through Notification No. 15/2026-Customs. The amendment is expected to directly impact the bullion market, jewellery industry, importers, exporters, refiners, and retail investors across India. The revised duty structure applies to various precious metals and related goods under multiple tariff headings. Official Government Notification The Ministry of Finance issued the amendment under the Customs Act, 1962 and Customs Tariff Act, 1975, increasing the customs duty from 5% to 10% for several specified entries in Table I of Notification No. 45/2025-Customs. The notification clearly states that: Existing 5% duty entries have now been replaced with 10%...

  Income Tax Act, 2025: A New Era of Simpler and Smarter Taxation in India India’s tax system is entering a historic phase with the introduction of the Income Tax Act, 2025, which will officially replace the six-decade-old Income-tax Act, 1961 from 1 April 2026. This transition is one of the biggest reforms in India’s direct tax administration and is designed to simplify tax laws, improve compliance, reduce confusion, and modernize the taxation framework for businesses, professionals, salaried individuals, and investors. The new law does not introduce any new tax burden. Instead, its primary objective is to make tax laws easier to understand, more transparent, digitally aligned, and less dependent on complex legal interpretation. The government has also issued detailed transition FAQs to ensure taxpayers face minimal difficulty while shifting from the old regime to the new one. Why Was a New Income Tax Act Needed? The Income-tax Act, 1961 served India for more than 60 years. During...

  NSE Launches Electronic Gold Receipts (EGR): A New Era for India’s Gold Market India’s relationship with gold is timeless—deeply rooted in culture, tradition, and investment. From weddings to wealth preservation, gold has always played a central role. However, despite its importance, the gold market has long faced challenges such as lack of transparency, fragmented pricing, and inefficiencies in trading physical gold. A major transformation is now underway. The National Stock Exchange of India (NSE) has officially launched Electronic Gold Receipts (EGRs) —a groundbreaking initiative designed to modernize and formalize India’s gold ecosystem. What Are Electronic Gold Receipts (EGRs)? Electronic Gold Receipts (EGRs) are digital securities that represent ownership of physical gold . Instead of holding gold in physical form, investors can now own it electronically, similar to shares or bonds. Each EGR: Is backed by actual physical gold Is stored securely in SEBI-accredit...

  Revamping India’s Gold Monetization Scheme: A Strategic Proposal to Reduce Imports and Strengthen the Economy India has long held a deep cultural and economic connection with gold. However, this affinity has also resulted in a heavy reliance on gold imports, leading to significant foreign exchange outflows and pressure on the Current Account Deficit (CAD). A recent proposal submitted by the Precious Metals Refineries Forum (PMRF), under the aegis of the India Bullion & Jewellers Association (IBJA), outlines a comprehensive roadmap to revamp the Gold Monetization Scheme (GMS) and unlock the immense potential of idle domestic gold reserves. The Core Challenge: High Gold Imports and Idle Domestic Reserves India imports approximately USD 60 billion worth of gold annually. At the same time, an estimated 30,000 tonnes of gold lies idle in households and religious institutions across the country. This paradox presents both a challenge and an opportunity. By mobilizing even 1–2% of t...

  Digital Gold Regulation in India: IBJA Introduces New Self-Regulatory Framework for Digital Gold & Silver India’s digital gold market is entering a new phase of transparency and accountability with the introduction of a self-regulatory framework led by the Indian Bullion and Jewellers Association (IBJA). As digital investments in gold and silver continue to grow rapidly, the new initiative aims to build trust, improve compliance, and create safer standards for consumers and businesses alike. According to an official press release dated 22nd April 2026, IBJA has launched a Self-Regulatory Organisation (SRO) system for companies offering digital gold and silver products. This move is expected to strengthen the structure of the fast-growing digital precious metals industry. What Is Digital Gold? Digital gold allows customers to buy, sell, and store gold online in small denominations without physically holding it. Investors can purchase gold worth even a few rupees through apps o...

 Gold Import Licences Stall: How Renewal Delays Are Squeezing India’s Bullion Industry India’s bullion market is facing growing uncertainty as delays in renewing gold import licences for dore refineries begin to impact the supply chain. Industry experts warn that if the situation continues, it could lead to higher costs, reduced supply, pressure on manufacturing, and job losses across the jewellery sector. Gold has always played a major role in India’s economy and culture. From jewellery demand to investment buying, the country remains one of the largest gold consumers in the world. However, behind the scenes, the import and refining system is now under stress due to regulatory slowdowns. What Is Happening? According to reports from the bullion sector, the government has not renewed the licences of several refineries whose import quotas for dore gold have been exhausted or whose licence period has expired. Dore gold is an unrefined form of gold that is imported and then processed i...

  DGFT's Notification No. 02/2026-27 changes the import landscape for precious metal jewellery with immediate and sweeping effect — no transitional grace period applies. 📅 1 April 2026 📄 DGFT Notification No. 02/2026-27 🌍 Ministry of Commerce & Industry 🕑 6 min read In a significant move that will reshape India's gems and jewellery trade, the Directorate General of Foreign Trade (DGFT) issued Notification No. 02/2026-27 on 1 April 2026, amending the import policy for articles of jewellery and parts thereof falling under Customs Tariff Heading (CTH) 7113 of ITC (HS) 2022, Schedule-I. The change is stark and immediate: several categories that were previously freely importable are now classified as "Restricted" — meaning an import licence is required before goods can enter India. ◆ ◆ ◆ Background: What Is CTH 7113? CTH 7113 covers articles of jewellery and parts thereof made of precious metals (gold, silver, platinum) or metal clad with precious metal. This is on...