{"id":295781,"date":"2024-05-15T17:38:13","date_gmt":"2024-05-15T12:08:13","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=295781"},"modified":"2024-05-15T18:18:18","modified_gmt":"2024-05-15T12:48:18","slug":"india-international-bullion-exchange-iibx","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/india-international-bullion-exchange-iibx\/","title":{"rendered":"India International Bullion Exchange (IIBX)"},"content":{"rendered":"

Source-<\/strong>This post on India International Bullion Exchange (IIBX)<\/strong> is based on the article “SBI is 1st bank as trading-clearing member of IIBX”<\/a> <\/strong>published in \u201cThe Times of India\u201d on 14th May 2024.<\/p>\n

Why in the News?<\/h2>\n

State Bank of India (SBI) has become the first trading-cum-clearing member<\/span> of the India International Bullion Exchange (IIBX) located in GIFT City, Gandhinagar.<\/p>\n

About India International Bullion Exchange (IIBX)<\/h2>\n

1. Location:<\/strong> It is situated in GIFT City (Gujarat International Finance Tech City), Gandhinagar, Gujarat.<\/span><\/p>\n

2. Purpose:<\/strong> IIBX serves as India’s first international bullion exchange<\/span>, facilitating the import of bullion and offering a comprehensive ecosystem for bullion trading and investment.<\/p>\n

3. Functions and Features:<\/strong><\/p>\n

i) Transparent Price Discovery:<\/strong> It ensures clear pricing mechanisms for bullion.<\/p>\n

ii) Responsible Sourcing:<\/strong> It focuses on integrity and ethical sourcing within the supply chain.<\/p>\n

iii) Quality Assurance and Standardization<\/strong>: It maintains high standards of quality and uniformity in bullion trading.<\/p>\n

3. Regulation and Management:\u00a0<\/strong>It is governed by the International Financial Services Centers Authority (IFSCA), which oversees financial products, services, and institutions within IFSCs.<\/p>\n

4. Competitive Edge:<\/strong> It offers a variety of products and technologies at competitive prices compared to both Indian and major global exchanges like those in Hong Kong, Singapore, Dubai, London, and New York.<\/p>\n

About Bullion<\/h2>\n

1. Bullion is high-purity gold and silver<\/span>, typically stored as bars, ingots, or coins.<\/span><\/p>\n

2. It can occasionally serve as legal tender<\/span> and is commonly held as reserves by central banks<\/span> or by institutional investors.<\/p>\n

About International Financial Services Centers Authority (IFSCA)<\/h2>\n\n\n\n\n\n\n\n
Aspects<\/strong><\/td>\nDescription<\/strong><\/td>\n<\/tr>\n
About<\/strong><\/td>\nIt was created under the International Financial Services Centres Authority Act, 2019.<\/span><\/td>\n<\/tr>\n
Objectives and Functions<\/strong><\/td>\n1. It aims to connect with global financial markets<\/span> and cater to the needs of the Indian economy.
\n2. It has been tasked with developing and regulating financial services<\/span> and institutions within IFSCs.<\/td>\n<\/tr>\n
Regulatory Framework<\/strong><\/td>\nBefore IFSCA, various domestic financial regulators like RBI, SEBI, PFRDA, and IRDAI were responsible for regulatory functions in IFSCs.<\/td>\n<\/tr>\n
Significance of GIFT-IFSC<\/strong><\/td>\nGIFT-IFSC is India\u2019s inaugural International Financial Services Centre,<\/span> pioneering the integration of financial services with global markets under a unified regulatory body.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

UPSC Syllabus: Indian Economy<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Source-This post on India International Bullion Exchange (IIBX) is based on the article “SBI is 1st bank as trading-clearing member of IIBX” published in \u201cThe Times of India\u201d on 14th May 2024. Why in the News? State Bank of India (SBI) has become the first trading-cum-clearing member of the India International Bullion Exchange (IIBX) located… Continue reading India International Bullion Exchange (IIBX)<\/span><\/a><\/p>\n","protected":false},"author":10366,"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],"tags":[11872,11074],"class_list":["post-295781","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","tag-9pm-daily-factly","tag-the-times-of-india","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/295781","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\/10366"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=295781"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/295781\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=295781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=295781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=295781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}