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The circular refers to Multi Commodity Exchange (MCX) Circular No. MCX/PMT/415/2026 dated July 17, 2026, titled “Acceptance of Silver bars refined by Empanelled Domestic Refiner as per MCX Good Delivery Norms in all Silver futures contracts.”

According to the circular, the Exchange has added one domestic refiner for the acceptance of silver bars. MCXCCL clarified that this empanelment is both refinery-specific and product-specific.

Parker Precious Metals LLP Added to the Good Delivery List

The newly empanelled refinery is:

• Refinery Name: Parker Precious Metals LLP
• Address: 50/B Changodar Industrial Estate, Changodar Bavla Road, Changodar, Ahmedabad, Gujarat – 382213

The refinery has been approved for the following Exchange Good Delivery products:

• Silver (30 kg) – SILVER
• Silver Mini (5 kg) – SILVERM
• Silver Micro (1 kg) – SILVERMIC
• Silver 100 (100 grams) – SILVER100

Eligible Silver Bars for Delivery

MCXCCL stated that silver bars produced by Parker Precious Metals LLP will be considered Exchange Good Delivery for fulfilling delivery obligations in the following futures contracts:

• Silver (30 kg)
• Silver Mini (5 kg)
• Silver Micro (1 kg)
• Silver 100 (100 grams)

Effective Date

The changes announced in the circular will become effective from July 27, 2026. Additionally, the updated Good Delivery list will apply only to silver bars carrying a production date of July 17, 2026, or later.

MCXCCL has requested all Members and their respective constituents to take note of the changes.

FAQs

1. What is the latest MCXCCL announcement regarding silver bars?

MCXCCL has announced the acceptance of silver bars refined by Parker Precious Metals LLP as Exchange Good Delivery for eligible silver futures contracts under the revised Good Delivery norms.

2. Which refinery has been added to the MCX Good Delivery list?

The Exchange has empanelled Parker Precious Metals LLP, located at 50/B Changodar Industrial Estate, Changodar Bavla Road, Changodar, Ahmedabad, Gujarat – 382213, for specified silver products.

3. Which silver products are covered under the new approval?

The approval covers Silver (30 kg), Silver Mini (5 kg), Silver Micro (1 kg), and Silver 100 (100 grams), making these products eligible for delivery in their respective MCX silver futures contracts.

4. When will the revised Good Delivery norms take effect?

The updated Good Delivery list will become effective from July 27, 2026. However, only silver bars with a production date of July 17, 2026, or later will qualify under the revised norms.

5. What does the new MCXCCL circular mean for market participants?

The circular notifies Clearing Members and their constituents that silver bars from the newly empanelled refinery can be used to meet delivery obligations in the specified MCX silver futures contracts, subject to the stated eligibility conditions.

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A detailed meeting involving the CPAI team, physical delivery members, and MCX leadership addressed the GST concerns, followed by a Members Advisory Committee meeting. Subsequently, a decision was reached to withdraw the earlier circular issued by MCX on GST.

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The new circular, issued on December 19, outlines a modified procedure. According to the updated guidelines, MCXCCL will now facilitate the collection and remittance of dues between the buyer and seller. For the collection of GST, the buying Clearing Member’s account will be debited, and the corresponding amount will be credited to the selling Clearing Member’s account. Once this transaction is complete, MCXCCL will not entertain any matters related to the payment of GST and cannot be made a party to disputes arising between the buyer and seller for trades conducted on MCX.

The New Circular issued on 19 December 2023 Said ”The modified procedure is given as follows:
Collection and payment of dues:
Based on the feedback received from market participants, MCXCCL will facilitate collection and remittance of dues between Buyer and Seller as follows:
a) For collection of GST, MCXCCL will debit buying Clearing Member’s account
and the said amount will be credited to selling Clearing Member’s account.
b) Once the amount is credited to the Selling Clearing Member, the process will
be considered as complete and MCXCCL shall not entertain any matter related
to payment of GST and MCXCCL cannot be made a party to such disputes.
c) The Buyer or Buying Clearing Member will have no recourse to MCXCCL or
cannot make MCXCCL party to any dispute on GST arising between Buyer and
Seller for trades done on MCX.

Importantly, the buyer or buying Clearing Member will have no recourse to MCXCCL or the ability to involve MCXCCL in any GST-related disputes between the buyer and seller. Gold Price Today possesses a copy of the recently issued circular.

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This revision marks a departure from the previous circular, which had placed the responsibility of collecting goods and services tax (GST) on the seller and buyer for transactions conducted on the exchange platform. Before this change, MCXCCL facilitated the payment of GST from the buyer to the seller through the exchange’s clearing members. With the latest circular, effective December 29, sellers are now mandated to directly collect GST from the buyer.

Previously, when a jeweller purchased a gold bar on the exchange platform, they paid the seller the settlement price on a T+1 basis. Subsequently, the jeweler had to pay 3% GST on gold to the seller on the second day after the settlement of the trade, before removing the goods from the exchange vault. This was facilitated by MCXCCL through the respective clearing members of the buyer and seller. The revised procedure maintains the process of delivery-related document submission. Now after revision this system will followed by MCXCCL.