Mumbai, Sept. 28 -- India's top gold jewellery and bullion trading lobby has demanded regulatory intervention to make the country's largest commodity exchange and mutual funds accept Indian-refined gold and silver bars.

Making Indian-refined bullion bars (India Good Delivery) acceptable by Multi-Commodity Exchange of India (MCX) and exchange-traded funds would be in line with Prime Minister Narendra Modi's "vocal for local" exhortation and would save precious foreign exchange, the India Bullion & Jewellers Association (IBJA) said in a letter to finance minister Nirmala Sitharaman on Friday. Mint has reviewed a copy.

MCX bullion contracts and ETF units are backed by underlying gold and silver. Currently, exchanges like MCX and gold and s...