India International Bullion Exchange

India's first International Bullion Exchange known as India International Bullion Exchange (IIBX) - in the GIFT city (Gujarat International Finance Tec-City).The exchange, which was announced in Budget 2020, will sell physical gold and silver. According to a report by the Indian Express, infrastructural arrangements to store these precious metals have already been made.^[1]

Background[edit]

First time in India, since the liberalization of gold imports through nominated banks and agencies in the 1990s, the eligible qualified jewellers in India, as notified by International Financial Services Centres Authority (IFSCA), have been allowed to directly import gold through IIBX.^[2]

References[edit]

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[1] ttps://www.livemint.com/news/india/indias-first-international-bullion-exchange-iibx-what-it-is-how-it-works-explained-11658982313295.html

[2] ttps://www.business-standard.com/article/markets/explained-how-will-india-s-international-bullion-exchange-iibx-work-122072800958_1.html

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