India's first International Bullion Exchange inaugurated at GIFT City

neerajsingh18

Aug 1

India's first International Bullion Exchange inaugurated at GIFT City

Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today's Current Affairs topic is "India's first International Bullion Exchange inaugurated at GIFT City"

Prime Minister Narendra Modi has launched the India International Bullion Exchange (IIBX) recently. He launched the India's first International Bullion Exchange and NSE IFSC-SGX index at GIFT city in Gandhinagar. GIFT city is an international financial services hub which has been set up by the Gujarat government outside the State capital.

Benefits of IIBX in India:

India is the world's second biggest consumer of gold and the recent action to establish the India International Bullion Exchange is expectation to bring transparency to the market for the precious metal.

This newly inaugurated IIBX could extend the gold pricing in the country in a standard way. Even this will make it easier for small bullion dealers and jewelers to trade in the precious metal.

Leading importer of bullion:

India is one of the biggest importers of the metal and imported 1,069 tonnes of gold in 2021 which is increased from 430 tonnes previous year.

The yellow metal is regulated in the country and can be traded with nominated banks and agencies which have been approved by the Reserve Bank of India.

India is going to become the biggest economies in the world and is now joining the league of global financial centers like the United States, the United Kingdom and Singapore after launching the new exchange.

Foundation stone of IFSCA:

The PM Narendra Modi has laid the foundation stone of the headquarters building of the International Financial Services Centres Authority (IFSCA). IFSCA is the country's first and only IFSC in line with UAE, Singapore and Hong Kong.

Function of IFSCA:

The IFSCA functions as a unified authority for the development and regulation of financial products, financial services and financial institutions at the IFSC at GIFT city in Gandhinagar.

Question & Answer:

Q1. Who has inaugurated the India International Bullion Exchange (IIBX) recently?

Ans. PM Narendra Modi

Q2. The PM Narendra Modi has laid the foundation stone of the headquarters building of the International Financial Services Centers Authority (IFSCA) at which place?

Ans. GIFT City, Gandhinagar (Gujarat)

Q3. What is the full form of GIFT City?

Ans. Gujarat International Finance Tec-City