India's First Global Gold Exchange To Be Launched Today How It Will Work - Explained
Date
7/29/2022 6:27:24 PM
(MENAFN- Trend News Agency)
Prime Minister Narendra Modi will launch India's first global
gold exchange on Friday. The India International Bullion Exchange
(IIBX) will aim to create a regional bullion hub to allow jewellers
to import yellow metal, Trend reports citing Zeebiz .
The exchange will be based in Gujarat International Finance
Tec-City (GIFT) which will be launched today by the Prime Minister
during his two-day visit.
The exchange will give an impetus to the financialization of
gold in India, said a statement by the International Financial
Services Centre (IFSC Authority.
The PM will also lay the foundation stone of the unified
regulator International Financial Services Centres Authority's
headquarters. He will also launch NSE IFSC-SGX Connect.
Under this system, all orders on Nifty derivatives placed by
members of Singapore Exchange Limited (SGX) will be routed to and
matched on the NSE-IFSC order matching and trading platform, an
official release said.
The Connect platform will deepen liquidity in derivative markets
at GIFT-IFSC, it added.
The Prime Minister is also slated to launch several other
projects in the poll-bound state. As per the schedule, he will
inaugurate a Rs 305 crore milk powder plant of the Sabarkantha
District Co-operative Milk Producers' Union (Sabar Dairy) near
Himmatnagar. The plant can produce 120 metric tonnes of milk powder
per day.
From the stage, Modi will virtually inaugurate Sabar Dairy's
three- lakh-litre-per-day milk processing plant and also perform
ground-breaking for a cheese plant which would come up at a cost of
Rs 600 crore. Sabar Dairy is part of the Gujarat Cooperative Milk
Marketing Federation Ltd (GCMMF), the owner of the Amul brand.
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