Govt urges banks to deepen presence in IIBX, expand GIFT City operations

The senior government official further noted that the intent is to strengthen the ecosystem around IIBX and ensure that banks play a larger role in facilitating bullion trade and related financial flo

The finance ministry has advised both private and public sector banks to tap emerging business opportunities in the International Financial Services Centre (IFSC) ecosystem, particularly through the International Bullion Exchange (IIBX) at GIFT City, according to a senior government official.

 

“The move aims to deepen financial integration and expand the range of services Indian banks can offer to global clients. As part of the initiative, banks have been asked to facilitate dollar remittances from domestic tariff area (DTA) units to IIBX. And also, actively source clients such as qualified jewellers (QJ) and tariff rate quota (TRQ) holders for their international