PM Modi opens India’s first international precious metals exchange in Gujarat: The Tribune IndiaNews WAALI


Ahmedabad, July 29

Prime Minister Narendra Modi will visit India’s first International Financial Services Center (IFSC) at Gujarat International Finance Tec-City (GIFT City) near Gandhinagar on Friday.

During his visit, Modi will launch the India International Bullion Exchange (IIBX), the country’s first international bullion exchange, the Gujarat government said in a press release.

The exchange will facilitate efficient price discovery with assurances of responsible sourcing and quality, and will boost the financialization of gold in India, the IFSC body said in a statement.

The Prime Minister will also lay the foundation stone for the headquarters of the International Financial Services Centers Authority.

Modi will also launch the NSE IFSC-SGX Connect platform. Under this system, all Nifty derivatives orders placed by members of the Singapore Exchange Limited (SGX) are routed to and matched on NSE-IFSC’s order matching and trading platform.

The Connect platform will deepen liquidity in derivatives markets at GIFT-IFSC.

Gujarat Chief Minister Bhupendra Patel, Union Minister of Home Affairs and Cooperation Amit Shah, Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, Union Minister of State for Finance Pankaj Chaudhary and Bhagwat Kishanrao Karad would attend the events, the press release said.

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