PM Modi To Launch India's First International Bullion Exchange Today

PM will also lay the foundation stone for the headquarters building of the International Financial Services Centres Authority.

By Anushka Vats
Fri, 29 Jul 2022 10:44 AM IST
Minute Read
PM Modi To Launch India's First International Bullion Exchange Today

Prime Minister Narendra Modi on Friday will visit India's first International Financial Services Centre (IFSC) at the Gujarat International Finance Tec-City (GIFT City) near Gandhinagar.

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

The exchange will allow structured 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.

PM will also lay the foundation stone for the headquarters building of the International Financial Services Centres Authority.

Additionally, Modi will also 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.

The event will witness the presence of 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.

(With agency inputs)

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