Friday, July 29, 2022

Establishment of first international bullion exchange in Gujarat; Now it will be easy to import gold from abroad

Prime Minister Narendra Modi inaugurated the country’s first International Bullion Exchange (IIBX) at Gandhi Nagar in Gujra. Through this bullion exchange, now it will be easier for gold and silver traders in the country to import gold from abroad. The exchange is established on the lines of Shanghai Gold Exchange and Borsa Istanbul. The exchange will help attract dealers, refineries and foreign banks to India.

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At present, only gold trading is allowed

An international bullion exchange has been established at the Gujarat International Finance Tech-City (GIFT City) near Gandhinagar. This will be the first international bullion exchange in the country. There are plans to trade silver on the exchange in the future, but currently only gold traders are approved.

What will be the benefit of the exchange?
At present only a few banks and designated agencies approved by central banks were allowed to import gold directly. Now with the launch of the country’s first international bullion exchange, qualified jewelers will be able to import gold directly. No local charges will be levied on it. However, this exemption will be available only till the gold is taken out of the city.

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Foundation laying of the National Financial Services Center Authority Headquarters building

Apart from the country’s first international bullion exchange, Prime Minister Narendra Modi also inaugurated the NSE IFSC-SGX Connect platform. Through this platform, Singapore Stock Exchange members will be able to trade with Nifty derivatives in NSE IFSC. Also, the foundation stone of the International Financial Services Center Authority headquarters building has been laid by Modi.

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