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Daily Current Affairs

PM launches ‘India International Bullion Exchange (IIBX)’

[GS Paper 2 – Govt. Policies and Interventions]

Context – Prime Minister Narendra Modi recently launched ‘India International Bullion Exchange (IIBX)’, the country’s first international bullion exchange near Gandhinagar.

Key Highlights

  • This exchange will facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialisation of gold in India.

  • The prime minister also laid the foundation stone for the headquarters building of the International Financial Services Centres Authority.

  • Apart from that, Modi launched 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 Connect platform will deepen liquidity in derivative markets at GIFT-IFSC.

  • International Financial Services Centers Authority (IFSCA) will become an enabler, it will support innovation and also become a catalyst for growth opportunities.

  • 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 organized structure by granting qualified jewellers direct access to import gold directly through the exchange mechanism.
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