The International Bullion Exchange – The Gateway for Bullion Imports

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admin November 5, 2021
Updated 2021/11/05 at 2:40 PM

The Head of the International Financial Services Centres Authority (IFSCA) announces the commencement of a pilot programme for the International Bullion Exchange, which will go live on October 1, 2021, IFSCA’s Foundation Day. On December 11, 2020, the IFSCA (Bullion Exchange) Regulations, 2020, were notified, which cover the Bullion Exchange, Clearing Corporation, Depositories, and Vaults, among other things.

What is International Bullion Exchange

The International Bullion Exchange will serve as the “Gateway for Bullion Imports into India,” with the exchange handling all bullion imports for domestic use. The government has also taken measures to register bullion spot trading and bullion depository receipts as financial products and financial services, with the underlying bullion being classified as a financial product and bullion-related transactions as financial services. The Importance of Bullion Exchanges Around the World Provides an effective price discovery by bringing all market players on a shared transparent platform for bullion trading. Enable increased interaction with other areas of the financial markets by assuring the quality of gold Assist India in establishing itself as the world’s main commercial hub.

Bullion is gold and silver that is legally recognised as being at least 99.5 percent and 99.9 percent pure, and comes in the shape of bars or ingots. Governments and central banks frequently keep it as a reserve asset. Bullion is occasionally regarded legal money, and it is frequently held in reserves by central banks or utilised by institutional investors to protect their portfolios against inflationary impacts, resulting in the Bullion Market.

 

Source: Press Information Bureau

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