MCX, the country’s largest commodity exchange, has sought BIS certified silver refiners application to facilitate delivery of domestically refined silver on the exchange platform.
In order to pave the way for domestic silver refiners to deliver silver via the MCX platform, the exchange has revised the eligibility criteria for MCX Good Delivery Norms for BIS–Standard Gold/Silver. It has also changed the procedure for empanelment of domestic silver refiners in the MCX Good Delivery Norms for domestic gold/silver refiners.
“Exchange hereby invites eligible domestic silver refiners for applying to be empanelled as per MCX Good Delivery Norms for domestic gold/silver refiners,” it said in a circular on Monday.
The move comes on the back of Government decision to curb import of gold and silver to bridge the current account deficit.
On Saturday, the Centre tightened precious metals import regime by shifting silver imports from the “free” category to the “restricted” category, days after sharply raising customs duties on gold and silver.