Gandhinagar: Inaugurating the country's first International Bullion Exchange (IIBX) in Gandhinagar's GIFT City on Friday, PM Modi said - India will now stand in the line of countries of the world like the USA, UK, and Singapore from where global finance is given direction.
PM Modi also laid the foundation stone of the headquarters building of the International Financial Services Center Authority (IFSCA) and also launched the NSE-IFSC-SGX Connect. PM Modi said GIFT City is making a strong identity as a hub of business and technology.
GIFT City celebrates both Wealth (Prosperity) and Wisdom (Wisdom). He said India has both age and experience when it comes to technology, science, and software.
The cost of an international bullion exchange is much lower than that of foreign exchanges. Traders can trade gold and silver derivatives on this exchange. Initially, one kg of gold of 995 purity and 100 grams of gold of 999 purity are likely to be traded with the T+10 settlement cycle, to begin with. Since this is international exchange, all contracts are listed in dollars. It means, all the purchase and settlement will be in dollars.
The cost of an international bullion exchange is much lower than that of foreign exchanges. Traders can trade gold and silver derivatives on this exchange. Initially, one kg of gold of 995 purity and 100 grams of gold of 999 purity are likely to be traded with the T+10 settlement cycle, to begin with. Since this is international exchange, all contracts are listed in dollars. That is, the purchase and settlement will be in dollars.
For the first time, qualified jewelers in India have been allowed to import gold through IIBX. That's why this exchange is very special. Through this, jewelers need to be trading members or trading partners for imports. The exchange has developed a better infrastructure for the storage of physical gold and silver.
