Businesses pitch for gold import as Budget proposes bullion exchange

The exchange at the international financial services centre (IFSC) will be an additional option for trade for global market participants, says Budget 2020.

The Union Budget's proposal for an international bullion exchange at the financial hub in Gujarat’s GIFT City has made businesses hope that the rules will be relaxed to allow gold import once that bourse starts trading.

Finance minister Nirmala Sitaraman said on Saturday the exchange at the international financial services centre (IFSC) will be an additional option for trade for global market participants, and it’s expected to be ready in the financial year 20-21. The exchange, once it gets regulatory approval, will be used to import gold and it will move the industry to develop related support systems like testing