UPSC Courses

DNA banner


  • 30 July, 2022

  • 10 Min Read



  • The Prime Minister recently launched India's first international bullion exchange - India International Bullion Exchange (IIBX)- in Gujarat.
  • The bullion exchange was launched at the International Financial Services Centre (IFSC) GIFT City in Gandhinagar, Gujarat.
  • Bullion refers to physical gold and silver of high purity often kept in the form of bars, ingots, or coins.
  • It can be considered legal tender and is often held as reserves by central banks or held by institutional investors.


  • The National Stock Exchange, Multi Commodity Exchange, India INX International Exchange, National Securities Depository, and Central Depository Services Ltd have joined hands to establish the holding company in India International Bullion Holding, which will operate the International Bullion Exchange.
  • The IIBX was announced in the 2020 Union Budget, has enrolled jewellers to trade on the exchange, and set up the infrastructure to store physical gold and silver.
  • It is India’s first international bullion exchange. It offers a diversified portfolio of products and technology services at a cost far more competitive than the Indian exchanges as well as other global exchanges in Singapore, Dubai, Hongkong, New York, and London.
  • As the second biggest consumer of gold globally, setting up the IIBX is seen as India’s effort to bring transparency to the market for the precious metal.
  • International Financial Services Centers Authority (IFSCA) is the regulator of IIBX


  • The IIBX will be a gateway for bullion imports into India, where all bullion imports for domestic consumption shall be channelized through the exchange.
  • In addition to providing a trading avenue to various participants, a bullion exchange will also offer the advantages of price discovery, transparency in disclosures, guaranteed centralized clearing, and assurance of quality.
  • A bullion exchange, apart from providing standardization and a transparent mechanism, will also be an important step toward the financialization of bullion-based products, as per the report.
  • The IFSCA has ensured the sourcing integrity of the bullion delivered through IIBX by mandating compliance to the Organisation for Economic Cooperation and Development (OECD) Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas.
  • Gold is tightly regulated in India and currently only nominated agencies and banks approved by the Reserve Bank of India can import gold and sell it to dealers and jewellers across the country.

Read also - Suspension Of MPs: Explained

Source: Livemint

Pradhan Mantri Suryodaya Yojana

Recently, Prime Minister announced Pradhan Mantri Suryodaya Yojana under which 1 crore households will get rooftop solar power systems. India’s Status of Current Solar Capacity India currently stands at 4th place globally in solar power capacity. As per Ministry of New an

Foreign Contribution Regulation Act (FCRA)- NGO 

The Foreign Contribution Regulation Act, 2010 (FCRA) registration of two prominent non-governmental organisations (NGOs) — Centre for Policy Research (CPR) and World Vision India (WVI) have been cancelled this month. What is FCRA? Key provisions of FCRA, 2010 Key aspects Description

Voice clone-AI

Voice clone fraud has been on the rise in India. AI voice cloning – It is the process of creating a synthetic replica of a person’s voice through machine learning and speech synthesis technology.It is called as voice deepfakesor audio deepfakes. Objective – To achieve a high level of na

Science communication- how to promote

Steps taken by India to promote Science Communication Publications and Information Directorate (PID) - An organisation under Council of Science and Industrial Research (CSIR) established in 1951 for publishing and disseminating scientific information in India. National science magazines- The PI

Universal Basic Income (UBI)- Analysis

Universal Basic Income (UBI) can strengthen welfare architecture and unlock the nation’s latent demographic potential. UBI - It is an income support mechanism typically intended to reach all or a very large portion of the population regardless of their earnings or employment status. Objective- To provide enough to co


Search By Date

Newsletter Subscription
SMS Alerts

Important Links