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PM Modi to Launch India’s First International Bullion Exchange Today; all you need to know

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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

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