New Delhi: PM Narendra Modi on Friday (July 30) launched the country's first International Bullion Exchange (IIBX) in Surat. It is the country's first international bullion exchange, located in the GIFT city of Gujarat i.e. Gujarat International Finance Tec-City. PM Modi also visited an exhibition at Gujarat International Finance Tec-City on the occasion.

During this, PM Modi said that in the last eight years, the country has seen a new wave of economic inclusion. Even the poorest of the poor are joining formal economic institutions. Today, when a large population has joined finance, it is the need of the hour that government organisations and private parties move forward together. Gandhinagar's International Bullion Exchange (IIBX) offers a wide range of product portfolios and technology services. Its speciality is that its cost is much lower than that of other exchanges in the country and exchanges abroad. Traders in the bullion exchange can work in gold and silver derivatives.

Initially, IIBX is expected to be traded in one kilogram of 995 purity and 100 grams of gold of 999 purity with T+0 settlement. All the contracts in this exchange are listed in dollars and their settlement will also be in dollars. Let us know that bullion means physical gold and silver, which people keep with them as coins, bars, etc. Many times bullion is also considered legal tender. The Reserve Bank of India (RBI) reserves also include bullion. Institutional investors also keep it with them.

The government notified the Bullion Spot Delivery Contract and Bullion Delivery Receipt (BDR) in August last year. The regulator of IIBX is the International Financial Services Centres Authority (IFSCA). Finance Minister Nirmala Sitharaman announced the setting up of IIBX in the Union Budget 2020-21.

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