{"id":197984,"date":"2022-07-30T18:04:03","date_gmt":"2022-07-30T12:34:03","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=197984"},"modified":"2022-07-30T18:04:03","modified_gmt":"2022-07-30T12:34:03","slug":"pm-inaugurates-indias-first-bullion-exchange-at-gift-city-gandhinagar","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/pm-inaugurates-indias-first-bullion-exchange-at-gift-city-gandhinagar\/","title":{"rendered":"PM inaugurates India\u2019s first bullion exchange at GIFT city, Gandhinagar"},"content":{"rendered":"\n

Source: <\/b>The post is based on the article <\/span>\u201c<\/b>PM <\/b>inaugurates India\u2019s first bullion exchange at GIFT city, Gandhinagar\u201d<\/b> published in <\/span>The Hindu <\/b>on 30th July 2022.<\/b><\/p>\n

What is the News?<\/b><\/h5>\n

The Prime Minister launched the India International Bullion Exchange(IIBX) at GIFT city in Gandhinagar, Gujarat.<\/span><\/p>\n

What is India International Bullion Exchange(IIBX)?<\/b><\/h5>\n

It is <\/span>India\u2019s first bullion exchange based at Gujarat\u2019s GIFT City (Gujarat International Finance Tec-City).<\/span><\/p>\n

Note: <\/b>Bullion refers to physical gold and silver of high purity that is often kept in the form of bars, ingots, or coins. It can sometimes be considered legal tender and is often held as reserves by central banks or held by institutional investors.<\/span><\/p>\n

Who can trade on IIBX?<\/b><\/h5>\n

Qualified jewellers will be permitted to import gold through the IIBX. To become qualified jewellers, entities require a minimum net worth of Rs 25 crore and 90% of the average annual turnover in the last three financial years through deals in goods categorized as precious metals.<\/span><\/p>\n

Apart from qualified jewellers, non-resident Indians and institutions will also be able to participate in the exchange after registering with the IFSCA.<\/span><\/p>\n

Further, jewellers will be able to transact on IIBX as trading members or as clients of a trading member.For becoming a trading member, a qualified jeweller may establish a branch or a subsidiary in IFSC and apply to the IFSCA.<\/span><\/p>\n

What are the advantages of Bullion exchange in India?<\/b><\/h5>\n

a)<\/strong> The exchange will be an additional platform for gold imports into the country in addition to banks and nominated agencies. <\/span>b)<\/strong> The platform will help with efficient price discovery and provide additional transparency in transactions. <\/span>c)<\/strong> It will also give an option to trade gold and silver in the US dollar. d) <\/strong><\/span>Since gift city is a free trade zone, no duty will be paid.<\/span><\/p>\n

India is a major player in the global gold market but largely a price taker. The exchange may help increase India\u2019s role in price discovery in the global market and help India become a major trading hub in Asia<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article \u201cPM inaugurates India\u2019s first bullion exchange at GIFT city, Gandhinagar\u201d published in The Hindu on 30th July 2022. What is the News? The Prime Minister launched the India International Bullion Exchange(IIBX) at GIFT city in Gandhinagar, Gujarat. What is India International Bullion Exchange(IIBX)? It is India\u2019s first… Continue reading PM inaugurates India\u2019s first bullion exchange at GIFT city, Gandhinagar<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,9],"tags":[10498],"class_list":["post-197984","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-public","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700786117,"cached_date":1702640861},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/197984","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=197984"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/197984\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=197984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=197984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=197984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}