PM Modi launches India’s 1st international bullion exchange in Gandhinagar - Hindustan Times
close_game
close_game

PM Modi launches India’s 1st international bullion exchange in Gandhinagar

Written by Harshit Sabarwal | Edited by Aniruddha Dhar, New Delhi
Jul 29, 2022 09:57 PM IST

The India International Bullion Exchange is the third exchange of its kind in the globe and will facilitate the transition of the Indian bullion market towards a more organised structure by granting qualified jewellers direct access to import gold directly through the exchange mechanism.

Prime Minister Narendra Modi on Friday launched India's first international bullion exchange - India International Bullion Exchange (IIBX)- in Gujarat. The bullion exchange was launched at the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar.

PM Modi and Union finance minister Minister Nirmala Sitharaman IIBX at GIFT City in Gandhinagar.(REUTERS)
PM Modi and Union finance minister Minister Nirmala Sitharaman IIBX at GIFT City in Gandhinagar.(REUTERS)

According to a statement by the IFSCA, the IIBX “will facilitate efficient price discovery and ensure standardisation, quality assurance and sourcing integrity in addition to providing impetus to the financialisation of gold in India".

The initiative will empower the country to gain its rightful place in the gold bullion market and serve the global value chain with integrity and quality, the statement said.

IIBX is the third exchange of its kind in the globe and will facilitate the transition of the Indian bullion market towards a more organised structure by granting qualified jewellers direct access to import gold directly through the exchange mechanism.

During the event on Friday, Prime Minister Modi said that India's identity should not be limited to just a big bullion market but should be recognised as a ‘market maker’.

“We need institutions that can cater to our present and enhanced future role in the global economy. IIBX is a crucial step in this direction," Modi added, according to the IFSCA statement.

Modi also laid the foundation stone of the IFSCA's headquarters building in Gandhinagar and launched the NSE IFSC-SGX Connect.

Union finance minister Nirmala Sitharaman and Gujarat chief minister Bhupendra Patel were also present at the event.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Catch every big news on Union Budget 2024, Nirmala Sitharaman's announcements, income tax changes and much more on a one stop destination.

SHARE THIS ARTICLE ON
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, July 18, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On