PM Modi to launch India's first international bullion exchange in Gujarat, all you need to know

India will get its first International Billion Exchange (IIBX) today. Prime Minister Narendra Modi will visit India's first International Financial Services Centre (IFSC) at the Gujarat International Finance Tec-City (GIFT City) near Gandhinagar on July 29, 2022.

During his visit, Modi will launch 'India International Bullion Exchange (IIBX)', the country's first international bullion exchange, the Gujarat government said in a release.

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, a statement by the IFSC Authority said.
The prime minister will also lay the foundation stone for the headquarters building of the International Financial Services Centres Authority.

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

Gujarat Chief Minister Bhupendra Patel, Union Minister of Home Affairs and Co-operation Amit Shah, Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, Union Ministers of State for Finance Pankaj Chaudhary and Bhagwat Kishanrao Karad will attend the events, the release said.

Five market institutional investors, including CDSL, India INX, NSDL, NSE, and MCX, are promoting the India International Bullion Exchange IFSC Ltd (IIBX).

In addition to accelerating the financialisation of gold in India, this exchange will enable effective price discovery with the assurance of responsible sourcing and quality, as per a statement by the IFSC Authority.

(With inputs from PTI)