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India's first International Bullion Exchange to be launched on July 29

Published on July 26, 2022
Current Context: India International Bullion Exchange is to be launched by Prime Minister Modi on July 29.
India's first International Bullion Exchange to be launched on July 29
  • India International Bullion Exchange (IIBX) will be launched in Gujarat International Finance Tech-City (GIFTcity). GIFT city is India's first International Financial Services Centre (IFSC).
  • PM Modi will also lay the foundation stone of the headquarters of the International Financial Services Centres Authority (IFSCA).
  • The launch of IIBX will facilitate efficient price discovery with responsible sourcing and quality thus giving a boost to the financialization of gold in India. This will help India to gain a rightful place in the global bullion market.
  • PM Modi will also launch NSC IFSC-SGX connect. This system will enable all orders on Nifty derivatives placed by members of Singapore Exchange Limited (SGX) to be routed to and will be matched on the NSE-IFSC order matching and trading platform.
  • Brokers-Dealers from India and across the globe can trade derivatives through this connection.
  • The event will be attended by CM of Gujarat Bhupendra Patel, Union minister of home affairs and co-operation Amit Shah, Nirmala Sitharaman Union Minister of Finance and Corporate Affairs, and Union Minister of State for Finance Pankaj Chaudhary and Bhagwat Kishanrao.
  • Static Knowledge:
    • CM of Gujarat - Bhupendra Patel
    • Governor of Gujarat - Acharya Devvrat


Q.1 Who will inaugurate Indian International Bullion Exchange (IIBX) in GIFT City?
a. Narendra Modi
b. Amit Shah
c. Nirmala Sitharaman
d. Bhagwat Kishanrao

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