{"id":23362,"date":"2024-05-14T05:46:23","date_gmt":"2024-05-14T00:16:23","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=23362"},"modified":"2025-10-10T14:20:45","modified_gmt":"2025-10-10T08:50:45","slug":"india-international-bullion-exchange-iibx","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/india-international-bullion-exchange-iibx\/","title":{"rendered":"What is India International Bullion Exchange (IIBX)?"},"content":{"rendered":"<h2>About India International Bullion Exchange (IIBX):\u00a0<\/h2>\n<ul>\n<li>It is <strong>India&#8217;s first<\/strong> International Bullion Exchange.<\/li>\n<li>It is <strong>based at GIFT City<\/strong> (Gujarat International Finance Tech City) IFSC (International Finance Services Center), <strong>Gandhinagar, Gujarat.<\/strong><\/li>\n<li>IIBX has been conceptualized to provide a<strong> gateway to import bullion<\/strong> into India and provide a <strong>world class bullion exchange ecosystem<\/strong> to promote bullion trading, investment in bullion financial products, and<strong> vaulting facilities<\/strong> in IFSCs.<\/li>\n<li>It will facilitate<strong> Transparent Price Discovery<\/strong>, <strong>Responsible sourcing<\/strong> and <strong>supply chain integrity, Quality Assurance<\/strong> and <strong>Standardization<\/strong>.<\/li>\n<li>The IIBX is <strong>regulated by the <\/strong><a href=\"https:\/\/vajiramandravi.com\/current-affairs\/international-financial-services-centres-authority-ifsca\/\" target=\"_blank\">International Financial Services Centers Authority (IFSCA)<\/a><strong>,<\/strong> a unified authority for the development and regulation of financial products, financial services, and financial institutions at IFSCs.<\/li>\n<li><strong>Products and technology offered<\/strong> at IIBX are diversified, and <strong>available at a cost <\/strong>that is far <strong>more competitive than<\/strong> those <strong>at Indian exchanges<\/strong>, as well as <strong>global exchanges<\/strong> in Hong Kong, Singapore, Dubai, London, and New York.<\/li>\n<li><strong>What is a bullion?<\/strong>\n<ul>\n<li>Bullion refers to <strong>physical gold and silver of high purity<\/strong> that is <strong>often kept<\/strong> in the <strong>form of bars, ingots,<\/strong> or <strong>coins<\/strong>.<\/li>\n<li>Bullion <strong>can sometimes<\/strong> be <strong>considered legal tender<\/strong> and is <strong>often held as reserves<\/strong> by central banks or held by institutional investors.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Key Facts about International Financial Services Centers Authority (IFSCA):<\/strong><\/p>\n<ul>\n<li>It is a <strong>statutory authority<\/strong> established under the <strong>International Financial Services Centres Authority Act, 2019 <\/strong>(\u201cIFSCA Act\u201d).<\/li>\n<li><strong>Mandate<\/strong>: To <strong>develop and regulate the financial products<\/strong>, financial <strong>services<\/strong>, and financial <strong>institutionsin<\/strong> the International Financial Services Centres (\u2018<strong>IFSC\u2019<\/strong>).<\/li>\n<li>The IFSCA aims to develop a strong global connection and focus on the needs of the Indian economy, as well as serve as an international financial platform for the entire region.<\/li>\n<li>Before the establishment of IFSCA, the domestic financial regulators, namely, <a href=\"https:\/\/vajiramandravi.com\/current-affairs\/reserve-bank-of-india\/\" target=\"_blank\">RBI<\/a>, SEBI, <a href=\"https:\/\/vajiramandravi.com\/current-affairs\/about-pension-fund-regulatory-and-development-authority-pfrda\/\" target=\"_blank\">PFRDA<\/a>, and <a href=\"https:\/\/vajiramandravi.com\/current-affairs\/insurance-regulatory-and-development-authority-of-india\/\" target=\"_blank\">IRDAI<\/a> regulated the business in IFSC.<\/li>\n<li><strong>GIFT-IFSC is the maiden IFSC in India<\/strong>.<\/li>\n<\/ul>\n<hr \/>\n<h3>Q1: What is the Securities and Exchange Board of India (SEBI)?<\/h3>\n<p>The SEBI is a statutory regulatory body established by the Government of India in 1992. It was given statutory powers through the SEBI Act, 1992. It aims to regulate the securities market in India and protect the interests of investors in securities.<\/p>\n<p><strong>Source: <\/strong><a href=\"https:\/\/timesofindia.indiatimes.com\/city\/ahmedabad\/sbi-becomes-first-trading-clearing-member-of-iibx\/articleshow\/110098300.cms\" target=\"_blank\" rel=\"nofollow noopener\">SBI is 1st bank as trading-clearing member of IIBX<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>India International Bullion Exchange (IIBX) is India&#8217;s first International Bullion Exchange.<\/p>\n","protected":false},"author":5,"featured_media":23363,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-23362","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/23362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=23362"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/23362\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/23363"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=23362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=23362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=23362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}