India International Bullion Exchange (IIBX): Recent Developments and Achievements
GIFT SEZ Implements ICEGATE for Streamlined Operations
GIFT SEZ, the leading Special Economic Zone in India, has achieved a significant milestone by becoming the first SEZ in the country to implement ICEGATE. This migration from the SEZ Online system to ICEGATE was successfully completed in May 2023. The adoption of ICEGATE brings enhanced efficiency and streamlined operations to GIFT SEZ, setting a benchmark for other SEZs in the country.
Tariff Rate Quota (TRQ) Imports through IIBX under India-UAE CEPA
In a noteworthy development, India-UAE Comprehensive Economic Partnership Agreement (CEPA) has paved the way for the commencement of Tariff Rate Quota (TRQ) imports through the India International Bullion Exchange (IIBX). This collaboration strengthens the economic ties between India and the UAE and creates new avenues for international trade in the bullion sector.
30-Minute Settlement Cycle for Bullion Depository Receipts (BDRs) on IIBX
To further enhance the efficiency of transactions on the India International Bullion Exchange (IIBX), the regulatory body IFSCA has approved the execution of a 30-minute settlement cycle for Bullion Depository Receipts (BDRs). This streamlined settlement process reduces the time required for completing transactions and improves liquidity in the bullion market.
Direct Payout of Bullion Depository Receipts (BDRs) to End-Clients on IIBX
Continuing its commitment to facilitating investor convenience, IFSCA has approved the direct payout of Bullion Depository Receipts (BDRs) to end-clients on the India International Bullion Exchange (IIBX). This enables a seamless and direct transfer of ownership, eliminating intermediaries and simplifying the investment process for clients.
Precious Metal Advisory Committee (PMAC) to Enhance Precious Metals Ecosystem
Recognizing the strategic importance of the precious metals ecosystem, IFSCA has constituted the Precious Metal Advisory Committee (PMAC). This committee aims to gather valuable inputs from industry experts and stakeholders to enhance the strategic and operational aspects of the precious metals ecosystem within the International Financial Services Centre (IFSC).
Rapid Growth: Qualified Jewelers Exceed 100 Mark
The growth of the India International Bullion Exchange (IIBX) has been remarkable, with the total number of Qualified Jewelers surpassing 100 in June 2023. This achievement highlights the industry’s recognition of the advantages and opportunities presented by the IIBX platform for trading and conducting business in the bullion market.
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