Gold "Paperization" Unlikely in India

``It is likely that it will take considerable time to put the architecture in place. At present, only one refiner, the advanced precious metals processing facility MMTC-PAMP, has LBMA accreditation. Once BIS integrates the globally acceptable and sophisticated systems into its set of standards and purity verification, other refiners would have to be given time to upgrade their facilities. However, in view of the finance minister's announcements, a beginning would need to be made with the existing facilities available in the country to unleash the potential of the huge stock of "under-the-pillow" gold available in the country. Time is short and we have a lot of catching up to do.''