IFSCA does pilot run of international bullion exchange ahead of Oct launch

IFSCA has envisioned the International Bullion Exchange as a 'Gateway for Bullion Imports into India', wherein all the such imports for domestic use will be routed via the exchange

The International Financial Services Centres Authority (IFSCA) chairperson on Wednesday did the pilot run of the International Bullion Exchange.

Scheduled to go live on October 1, 2021 on the Foundation Day of IFSCA, the exchange falls under the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 which was notified on December 11, 2020 following the announcement by the finance minister in Union Budget 2020-21.

Apart from the international bullion exchange, the new regulations cover the clearing corporation, depository and vaults even as the Centre Government has taken steps to notify bullion spot trading and bullion depository receipts with underlying bullion as