With reference to the India International Bullion Exchange (IIBX), consider the following statements:
1. It will serve as a primary gateway for importing bullion into India.
2. It is only the third exchange of its kind in the world.
3. It is regulated by the International Financial Services Centres Authority.
Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 1 only
(c) 2 and 3 only
(d) 1, 2 and 3
Explanation Statement 1 is correct: The India International Bullion Exchange (IIBX) has been established as a central platform for the import of bullion into India. It is designed to streamline bullion transactions by providing a robust infrastructure for trading, investment in bullion-backed products, and world-class vaulting facilities, all located within the International Financial Services Centre (IFSC). This makes it a key gateway for facilitating bullion imports into the country.
Statement 2 is correct: The IIBX, located in Gujarat International Finance Tec-City (GIFT City), Gandhinagar, is only the third exchange of its kind globally, after the bullion exchanges in Shanghai and Istanbul. It aims to position India as a global hub for bullion trading and aligns with the government’s objective of formalizing and institutionalizing the bullion trade.
Statement 3 is correct: The IIBX is regulated by the International Financial Services Centres Authority (IFSCA), the unified regulator for financial activities in India’s IFSCs. The IFSCA was established under the IFSCA Act, 2019 to govern and promote the development of world-class financial services within IFSCs, including bullion trading on exchanges like IIBX.
Kutos:Economy Expert
Hello! I am a Economy expert. You can ask any question or request a detailed analysis related to this topic.
