India International Bullion Exchange (IIBX):
The Prime Minister has laid the foundation stone of the headquarters building of the International Financial Services Centers Authority (IFSCA) in GIFT City, Gandhinagar.
- The building has been conceptualized as an iconic structure, reflective of the growing prominence and stature of GIFT-IFSC as a leading International Financial Centre.
- He also launched the India International Bullion Exchange (IIBX), India’s first International Bullion Exchange in GIFT-IFSC the NSE IFSC-SGX Connect.
- Bullion refers to physical gold and silver of high purity that is often kept in the form of bars, ingots, or coins.
- Bullion can sometimes be considered legal tender and is often held as reserves by central banks or held by institutional investors.
- The Government had notified in August 2020 about the Bullion Spot Delivery Contract and Bullion Depository Receipt (BDR) with underlying Bullion as Financial Product and related services as Financial Services.
- A bullion Exchange is a market through which buyers and sellers trade gold and silver as well as associated derivatives.
- There are various bullion markets around the world with the London Bullion Market known as the primary global market trading platform for gold and silver.
- India International Bullion Exchange (IIBX) was first announced in the Union Budget 2020 for easing the Gold Import by Jewellers in India.
- It is a platform that not only enrols jewellers to trade on the exchange, but has also set up necessary infrastructure to store physical gold and silver.
- IIBX will facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialisation of gold in India.
- IFSCA is entrusted with notifying the eligible qualified jewellers in India for directly importing gold through IIBX.