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  • DAILY CURRENT AFFAIRS:PM Modi launches India's first international bullion exchange in Gujarat

PM Modi launches India's first international bullion exchange in Gujarat

Tags: Economy/Finance State News

Prime Minister Narendra Modi launched India’s first international bullion exchange, 'India International Bullion Exchange (IIBX)'in the International Financial Service Center (IFSC) at Gujarat International Finance Tec-City (GIFT City), Gandhinagar, and Gujarat on 29 July 2022.

Gujarat Chief Minister Bhupendra Patel, Union Minister of Home Affairs and Co-operation Amit Shah, Union Minister of Finance and Corporate Affairs Nirmala Sitharaman and other dignitaries were present on the occasion.

What is Bullion

Bullion refers to gold and silver of highest purity quality in the form of bars, ingots or coins. The exchange will sell physical golds and silvers of highest purity quality. However at present it will deal only in Gold and in future trading in Silver will be started. 

What is the purpose of the exchange 

The exchange is expected to promote India as a hub of bullion trade in Asia and help in the discovery of the price of the gold and silver through a transparent and easy trading mechanism.  

What is the benefit of the scheme 

India is one of the largest consumers and importer of gold in the world. Gold is imported by banks or agencies licensed by the Reserve Bank of India. The Banks and agencies supply gold to the jewellers with all the applicable taxes.

Now the jewellers registered with IFSC can directly import gold  and they will not have to pay any taxes . However if they take the gold outside the GIFT city then they will have to pay taxes.

The government hopes with the increase in the trading volumes of Gold on IIBX more and more International traders will come to GIFT city and India will be able to compete with the Shanghai Gold Exchange of China and Borsa Gold Exchange, Istanbul, Turkey. 

NSE IFSC-SGX Connect platform launched

The Prime Minister also launched the NSE IFSC-SGX Connect Platform. 

Under this system, all orders on Nifty derivatives placed by members of Singapore Exchange Limited (SGX) will be routed to and matched on the NSE-IFSC order matching and trading platform.

The Index of the Singapore Stock exchange is also called SGX Nifty.

This will help in increasing the volume of derivative trade at the GIFT-IFSC.

Foundation stone of IFSCA

The Prime Minister also laid the foundation stone for the headquarters building of the International Financial Services Centers Authority (IFSCA).

The IFSCA is the regulator of the IFSC.


Gujarat International Financial Tech City (GIFT) is a Special Economic Zone (SEZ) which is being developed in Gandhinagar Gujarat. It is an emerging global financial and IT services hub.

It is being developed by the Gujarat government.

IFSC (International Financial Service Center) 

India’s first International Financial Service Center (IFSC) has been set up at GIFT city.

 It is being developed by the Indian government as a hub for International finance.

It mainly deals with customers who are outside India. It provides financial products and services like banking, insurance, etc. to foreign customers.

 It has a well-developed Capital market including stock exchanges.

It is regulated by the International Financial Service Centers Authority (IFSCA).

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