Pilot Launch of International Bullion Exchange
On 18th August 2021, Shri Injeti Srinivas, Chairperson, International Financial Services Centres Authority (IFSCA), launched the pilot run/soft launch of the International Bullion Exchange which is scheduled to go live on October 1, 2021 the Foundation Day of IFSCA.
- Following the announcement by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in Union Budget 2020-21, the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 were notified on December 11, 2020 which inter alia cover the Bullion Exchange, Clearing Corporation, Depository and Vaults.
- Government has also taken steps to notify bullion spot trading and bullion depository receipts with underlying bullion as financial products and bullion related services as financial services.
- The International Bullion Exchange shall be the “Gateway for Bullion Imports into India”, wherein all the bullion imports for domestic consumption shall be channelized through the exchange.
- The exchange ecosystem is expected to bring all the market participants at a common transparent platform for bullion trading and provide an efficient price discovery, assurance in the quality of gold, enable greater integration with other segments of financial markets and help establish India’s position as a dominant trading hub in the World.
- The IFSCA has approved the application by the Holding Company for setting up the International Bullion Exchange through the subsidiary of the holding company, “India International Bullion Exchange IFSC Ltd.”, encompassing the Bullion Exchange and the Bullion Clearing Corporation.
- CDSL-IFSC, a foreign depository has been designated as the Bullion Depository for the Bullion Exchange responsible for managing the Vault Manager.
- Appointment & Resignation
- Awards In News
- Ecology & Environment
- Famous Books
- Important Days/Weeks
- Important Decade
- Military Exercise & Operations
- Organisation In News
- Persons In News
- Places In News
- Plans & Policy
- Scheme & Programme
- Science & Technology
- Species In News
- Summit, Seminars & Conferences
- Web Portal & Apps
State In News