September 23, 2021 4:12:30 am
The International Bullion Exchange at GIFT City in Gujarat is ready and is expected to be inaugurated by Prime Minister Narendra Modi on October 1, official sources said on Wednesday.
“The Prime Minister has been invited for the launch of the international bullion exchange on October 1, but we are still awaiting a confirmation,” Sandip Shah, deputy general manager of International Financial Services Centre (IFSC) at GIFT City told The Indian Express on Wednesday on the sidelines of “Vanijya Utsav” event organised by the Directorate General of Foreign Trade (DGFT).
The vault for the international exchange has been set up on the ground floor of “Pragya” tower, a building constructed by ATS-Savvy Group. The exchange will function out of the BIFC towers constructed by the Brigade Group.
“If the gold is imported it can be stored at this vault without paying the duty in the SEZ and can also be exported if required,” the official said.
Earlier speaking at the event, Shah said, “Today the prices of gold are different in different cities of the country. This bullion exchange at GIFT City will be able to provide a single price across the country and going forward, India will be able to decide the price of gold for other Asian or global markets.”
In August 2021, Injeti Srinivas, chairperson of International Financial Services Centres Authority (IFSCA), conducted a pilot run of the exchange that has been set up by the India International Bullion Holding IFSC Ltd, a holding firm created jointly by National Stock Exchange of India Ltd, India INX International Exchange Limited, Multi Commodity Exchange of India Ltd, National Securities Depository Limited and Central Depository Services (India) Limited.
During his address, Shah also said that 15-20 Alternate Investment Funds (AIFs) are waiting in the wings to set up base in GIFT City. “Already 12 AIFs have set up their shop here and we are expecting another 15-30 fund managers to set up base in this financial year,” he added.
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