IFSCA signs MoU with IGPC of IIM Ahmedabad

Published on September 15, 2020
Current Context: The International Financial Services Centre Authority (IFSCA) has signed MoU with Indian Gold Policy Centre of IIM Ahmedabad (IGPC-IIMA) to build the
IFSCA signs MoU with IGPC of IIM Ahmedabad
International Bullion Exchange (IBE) in India. 
  • IFSCA will roll out to establish IBE in India and IGPC-IIMA will be the knowledge partner in this establishment of IBE in India. 
  • IGPC-IIMA is having expertise in the area of gold markets and hence will offer a proper approach to establish smooth functioning bullion exchange. 
  • The IBE will be responsible to reduce the current inefficiency in the market in terms of Indian bullion trade and will create a transparent platform for bullion trading in India.
  • It will help to achieve price discovery, quality and service in coordination with international standards and will be led to market development in respect to higher degree compliance, traceability and product innovation.
  • The reason behind establishing IBE in India is that the global gold consumption share of India is 20-25% and even after 2 decades of launching gold market in India there is lack of infrastructure facility which will help in creating world connections. And thus if IBE is established it will pave a way to create world connections and will be answered to rest of the challenges and will lead to bringing gold to the Indian economy. 
  • Static Part: 
    • HQ of IFSCA: Gandhinagar, Gujarat
    • Chairman of IFSCA: Injeti Srinivas

Question: 

Q.1 Which organisation has signed MoU with Indian Gold Policy Centre of IIM Ahmedabad (IGPC-IIMA) to build the International Bullion Exchange (IBE) in India?
a. New Development Bank
b. Reserve Bank of India
c. International Financial Services Centre Authority
d. Ministry of Finance

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