The "India International Bullion Exchange (IIBX)" has been established by Prime Minister Narendra Modi at the Gujarat International Finance Tec-City (GIFT City), which is close to Gandhinagar.
India's first global bullion exchange is called IIBX.
The exchange will sell actual gold and silver, as was stated in Budget 2020.
Jewellers having a net worth of at least Rs 25 crore would be eligible to participate in the exchange. If you are preparing for competitive exams and looking for expert guidance, you can download our General Knowledge Free Ebook Download Now.
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International Exchange for Bullion (IIBX):
- As a result, authorized jewellers will be able to import gold directly through IIBX.
- IIBX is governed by the International Financial Services Centers Authority (IFSCA).
- Five market institutional investors, including CDSL, India INX, NSDL, NSE, and MCX, are promoting IIBX.
- This exchange will standardize the financialization of bullion in India, increase transparency in the pricing process, and serve as a benchmark for the bullion's quality.
- The International Financial Services Centre Association must be registered before NRIs and institutions can take part in the exchange (IFSCA).
- Gold 1 kg with a purity of 995 and gold 100 grams with a purity of 999 will be exchanged in the early stages with a settlement period of T+0. The exchange is also anticipated to increase the settlement duration to T+2 days.
How will the IIBX be led?
IIBX will be led by Ashok Gautam as MD and CEO.
Source: Safalta.com
Prior to taking over in February 2022, he was employed with IDBI Bank. He formerly had a position with the State Bank of India (SBI).Other inaugurations at GIFT-City:
PM Modi also laid the cornerstone for the International Financial Services Centers Authority headquarters building in GIFT-City.
Also introduced by Modi was the NSE IFSC-SGX Connect platform. Singapore Exchange and the NSE subsidiary in GIFT IFSC are connected by a system called Connect.
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