Tamil NaduIIBX is India's first international gold market that will revolutionize gold market

IIBX is India’s first international gold market that will revolutionize gold market

In the Union Budget 2020-21, Finance Minister Nirmala Sitharaman had announced IIBX at the International Financial Services Center Authority.

Prime Minister Narendra Modi will inaugurate India’s first international bullion exchange at GIFT City (Gujarat International Finance Tech-City) on Friday, July 29, 2022 with several initiatives. It is very important for those who are in gold business or investing in gold to know about this. This transaction is going to completely change India’s gold market in coming days. In this you can know many things like how the gold exchange will be done and under whose control it will be.

Special Features of India’s First Global Gold Trading Hub:

1. International Bullion Exchange is India’s first international gold trading center established at GIFT City, Gandhinagar. Hong Kong, Singapore, Dubai, London and New York offer a wide range of gold products and related technical services at preferential prices than any other global gold market.

2. India International Bullion Exchange IFSC Limited (IIBX) is promoted by five market institutional investors CDSL, India INX, NSDL, NSE and MCX.

3. This market will promote gold fund in India and provide products at reasonable prices with quality assurance, IFSC official said.

4. Global Gold Exchange aims to create a regional gold trading hub. Through this, more jewelers can import gold. Ashok Gautam, Chief Executive Officer, IIPX, said it is expected to attract India International Bullion Exchange dealers, refiners and foreign banks in a big way.

5. It will allow gold exchange jewelers to import gold directly. In the existing rules, only certain banks and designated agencies approved by the Central Bank can import.

6. Gold trades are exempt from local duties unless the goods are transported outside the city.

7. 1 kg gold of 995 purity and 100 grams of gold of 999 purity are expected to be traded on IBX platform initially with T plus 0 settlement (100 percent advance). Initially, gold will be traded through investment receipts. Trades on IIBX are denominated in US dollars.

8. Exchange includes vault service providers. All vaults at the International Financial Services Center are authorized by the International Financial Services Center Authority.

9. Qualified jewelers following OECD guidelines, foreign gold suppliers, public and private companies, NRIs are also eligible to become members of IIBX.

10. Regulator of International Financial Services Center Authority IIBX. In the Union Budget 2020-21, Finance Minister Nirmala Sitharaman had announced the establishment of IIBX in the International Financial Services Center Authority.

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