PM Modi To Launch India’s First International Bullion Exchange
PM Modi to Launch India’s First International Bullion Exchange IIBX on July 29: PM Modi To Launch IIBX.
Prime Minister Narendra Modi will visit Gujarat International Finance Tec-City (GIFT City), India’s first International Financial Services Center (IFSC) on July 29, 2022.
The Prime Minister’s Office informed that the Prime Minister, during his visit, will lay the foundation stone for the headquarters building of the International Financial Services Center Authority (IFSCA).
The unified regulator for the development and regulation of financial products, financial services, and financial institutions in international financial services.
The headquarters building of IFSCA is envisaged as an iconic structure, reflecting the growing prominence and stature of GIFT-IFSC as a leading international financial center.
The Prime Minister will launch India’s first international bullion exchange, the India International Bullion Exchange (IIBX), at GIFT-IFSC.
IIBX will facilitate efficient price discovery with responsible sourcing and quality assurance, apart from promoting gold finance in India.
This will empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality.
It also reaffirms the Government of India’s commitment to enabling India as a major consumer to influence global bullion prices.
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PM will also launch NSE IFSC-SGX Connect.
The Prime Minister will also launch the NSE IFSC-SGX Connect.
Under this connection, all orders for Nifty derivatives placed by members of Singapore Exchange Limited (SGX) will be routed and matched on the NSE-IFSC order matching and trading platform.
The said connection will deepen liquidity in the derivatives markets in GIFT-IFSC, bring in more international participants and create a positive impact on the financial ecosystem in GIFT-IFSC.
Broker-dealers from India and international jurisdictions are expected to participate in large numbers for trading derivatives through Connect.
Many more important announcements will be made during the visit of the Prime Minister.
Gujarat Chief Minister Bhupendra Patel; Union Minister for Home Affairs and Cooperation Amit Shah, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman.
Kanubhai Desai, Minister of Finance and Energy, Government of Gujarat; Union Minister of State for Finance Pankaj Choudhary, and Dr. Bhagwat Kishanrao Karad will also attend.
