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PM Modi to inaugurate International Bullion Exchange on July 29

by Rishika Choudhury

Date & Time: Jul 26, 2022 6:00 PM

Read Time: 1 minute

On July 29, Prime Minister Narendra Modi will inaugurate India's first international bullion exchange at Gujarat International Finance Tec-City (GIFT City). He will also lay the groundwork for the headquarters of the International Financial Services Centres Authority, the unified regulator.

GIFT City is the country's first International Financial Services Centre (IFSC). During his visit, the prime minister will launch the India International Bullion Exchange (IIBX), which will facilitate efficient price discovery while ensuring responsible sourcing and quality, as well as give impetus to the financialisation of gold in India, according to an IFSC Authority statement.

“This shall empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality. This also re-enforces the commitment of the Government of India towards enabling India to be able to influence global bullion prices as a principal consumer," the statement said.

PM Modi to unveil NSE IFSC-SGX Connect

In addition, the prime minister will unveil NSE IFSC-SGX Connect. All orders on Nifty derivatives placed by Singapore Exchange Limited (SGX) members will be routed to and matched on the NSE-IFSC order matching and trading platform under this system.

The connect platform will increase liquidity in GIFT-derivative IFSC's markets. Brokers and dealers from India and other international jurisdictions are expected to trade derivatives through the connect in large 

Several important announcements will also be made during the prime minister's visit, according to the statement. The events will be attended by Gujarat Chief Minister Bhupendra Patel, Union Minister of Home 
Affairs and Cooperation Amit Shah, Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, and Union Ministers of State for Finance Pankaj Chaudhary and Bhagwat Kishanrao Karad.

Also Read: PM Modi unveil developmental projects in Deoghar, inaugurate airport, new AIIMS in Jharkhand

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