India’s first international bullion exchange will be inaugurated by Prime Minister Narendra Modi in his home state of Gujarat on Friday. Called India International Bullion Exchange (IIBX), the exchange will be based in Gujarat International Finance Tec-City (GIFTEC), a planned business district in the western state located between its capital, Gandhinagar, and Ahmedabad, its largest city. . PM Modi will also unveil the NSE IFSC-SGX Connect today. In addition, he will also lay the foundation stone for the headquarters building of the Unified Regulator’s International Financial Services Centers Authorities.
All You Need To Know About IIBX Indias First International Bullion Exchange
IIBX is India’s first international bullion exchange set up at GIFT City, Gandhinagar. It offers a diverse portfolio of technology products and services at a cost that the exchange says is much more competitive than Indian exchanges as well as other global exchanges in Hong Kong, Singapore, Dubai, London, and New York.
What is IIBX?
Bhavik Patel, Senior Commodity/Forex Research Analyst at TradeBulls Securities, said: India International Bullion Holding (IFSC) will operate International Bullion Exchange (IIBX). India International Bullion Holding (IFSC) comprises the National Stock Exchange, Multi Commodity Exchange, India INX International Exchange, National Securities Depository and Central Depository Services Ltd. the infrastructure to store physical gold and silver, he added.
Who can participate?
Ravindra Rao, VP- Head Commodity Research at Kotak Securities, explained that the exchange will be open to jewelers with a net worth of Rs 25 crore and above to participate. NRIs and institutes will also be able to participate in the exchange after registering with the International Financial Services Center Association (IFSCA).
What will be exchanged?
Initially, 1 kg gold with 995 purity and 100 gram gold with 999 purity will be traded with a settlement period of T+0. Also, the exchange should extend the settlement period to T+2 days. All contracts listed, traded and settled on IIBX are in US dollars, Rao said.
Registered jewelers and traders will be able to sell and buy physical gold and silver on the exchange. To do so, they will need to become a Business Partner or Customer of an existing Business Member. In addition, 56 qualified jewelers have been approved by IFSC regulator IFSCA to import bullion and trade on the exchange.
What are the benefits?
- The exchange will be an additional platform for gold imports into the country in addition to designated banks and agencies.
- The platform will help in efficient price discovery and provide additional transparency in trades
- It will also give an option to exchange Gold and Silver to US Dollars
- Since Gift City is a free trade zone, no duty will be paid
- India is a major player in the global gold market, but largely a price taker. The exchange can help increase India’s role in price discovery in the global market and help India become a major trading hub in Asia
Read all Recent news and recent news here
The mention sources can contact us to remove/changing this article
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]
- Google presses Apple to adopt RCS text messaging August 10, 2022
- Covid-19 trends haven’t changed in weeks and no one knows what’s next August 10, 2022
- With ESPN Out, Here’s How Your College Football TV Routine Will Change With Big Ten’s Brewing Media Deal August 10, 2022
- What is Web Mode 3? August 10, 2022
- A new Splatoon 3 video shows off the new Splatoon card game. August 10, 2022