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Gift City: Country’s first international gold exchange launched, PM said, India’s pride increased

International Bullion Exchange : Prime minister Narendra Modi (PM Modi) on Friday launched India’s first International Bullion Exchange. Launching this exchange at the International Finance Tech-Gift City near Gandhinagar, PM Modi said that this exchange will sell physical gold and silver. PM Modi said that today this day is very important for India’s growing economic potential, India’s growing technological capability and world’s increasing trust in India, at a time when India is celebrating its nectar festival of independence. New institutions and new systems are increasing the pride of India.

their contribution
PM Modi said that today India International Bullion Exchange has also been launched. With the Indian Regional Office of the New Development Bank, 3 Foreign Banks, and 4 International Trade Financing Services Platforms, we have crossed many important milestones today. These will further help in connecting the potential of 130 crore countrymen with the modern global economy.

India’s increased honor
PM Modi emphasized that India is now standing in the line of those countries of the world like USA, UK and Singapore from where global finance is given direction. He said that I give many congratulations to all the countrymen. I also especially congratulate my colleagues from Singapore, whose cooperation is opening up possibilities of possibilities for both the countries. PM Modi said that when I had envisioned GIFT City while living in Gujarat, it was not limited to business-business or economic activities only. The aspirations of the common man of the country are attached to the vision of GIFT City. In Gift City, the vision of India’s future is attached, dreams of India’s golden past are also associated.

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India’s share of 40% in the world
PM Modi said that I have many expectations from the new institutions of new India, from the new systems and I have full faith in you. Today in the 21st century, finance and technology are intertwined with each other. And when it comes to technology, science and software, India also has an edge and experience. He said that today India alone has 40 percent share in Real Time Digital Payments in the whole world. Today we are the leaders in this. This power of India in the field of Fintech is attracting the whole world. Therefore, I expect all of you to target for new innovations in Fintech. GIFT IFSC emerges as fintech’s global laboratory.

PM told target
Expressing hope, PM Modi said that I want GIFT to become a gateway of Global Debt and Equity Capital for IFSC, Sustainable and Climate Projects. Similarly, India needs many financial innovations from Aircraft Leasing, Ship Financing, Carbon Trading, Digital Currency, and IP Rights to Investment Management. PM Modi said that IFSCA should work in this direction. IFSCA should also make Regulation and Operation Cost competitive not only in comparison to countries like India but also Dubai Singapore. Your goal should be to become a leader in IFSCA Regulations, set high standards for Rule of Law, and emerge as the world’s preferred Arbitration Center.

What is Bullion Exchange
In the 1990s, the import of gold was liberalized through nominated banks and agencies. After that, for the first time, qualified jewelers in India have been allowed to import gold directly through IIBX. This exchange is very important in itself. For this, jewelers need to be a trading partner or client of an existing trading member.

this would be the advantage
The growth of IIBX is not limited to GIFT City only, but will extend to all jewelery manufacturing hubs across the country. Qualified jewelers will be allowed to import gold from IIBX. Client jewelers of IIBX members will have this facility. Jewelers can view available stocks on the exchange and place orders. This will greatly simplify the inventory management of jewelers. This will bring a lot more transparency in price and order sequencing.

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