GS Paper - 3 (Economy)

Prime Minister on 29 July 2022 launched India's first International Bullion Exchange - International Bullion Exchange (IIBX) - in the GIFT city (Gujarat International Finance Tec-City). India International Bullion Exchange Ltd (IIBX) is promoted by five market institutional investor’s i.e., CDSL, India INX, NSDL, NSE and MCX.

More about IIBX

  1. IIBX is India’s first International Bullion Exchange set up at the GIFT City, Gandhinagar.
  2. It offers a diversified portfolio of products and technology services at a cost which the exchange claims is far more competitive than the Indian exchanges as well as other global exchanges in Hong Kong Singapore, Dubai, London and New York.
  3. This exchange will facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialisation of gold in India.
  4. The global gold exchange aims to create a regional bullion hub that will allow more jewelers to import the precious metal.
  5. The bourse will allow qualified jewelers to directly import gold, a change from current rules where only some banks and nominated agencies approved by the central bank can do so.
  6. Apart from qualified jewellers, foreign bullion suppliers who follow OECD guidelines, public, and private firms, and Non-resident individuals (NRIs) are also eligible to become members of the IIBX.
  7. International Financial Services Centres Authority (IFSCA) is the regulator of IIBX.
  8. Finance Minister Nirmala Sitharaman in Union Budget 2020-21 had announced the setting up of IIBX at IFSCA.