Page 30 - Bullion World Volume 3 Issue 10 October 2023

Bullion World | Volume 3 | Issue 10 | October 2023

Incentives versus Efficiencies Professional Clearing Member (PCM) 25, 2023, IIBX has crossed 2000 Kgs
at IIBX : post Reserve Bank of India permitting quantity of Gold traded and imported
IIBX believes that the efficiencies Indian Banks IBUs to become PCMs. in DTA area, since its inception. In
brought in pricing and delivery will September 2023 month alone IIBX
attract more and more Qualified IIBX Geared up to provide Gold to has crossed 1000 Kg mark of Gold
Jewellers to start trading through Exporters of Jewellery : traded and imported in India DTA
IIBX. There has been a demand IIBX is in talks with relevant area.
from the industry that some kind of authorities to enable IIBX to make
incentives be given for them to come available Gold to the Exporters of Conclusion :
to IIBX in the form of concessions in Jewellery. This can be provided in The launch of IIBX is a significant
Duty. One facility which is available three ways as under : step towards developing the Indian
to the industry while importing Gold • Facilitate SEZ to SEZ transfer of bullion market. It is expected to
through IIBX is use of scrips, RoDTEP, Gold bring about standardisation and
RoSCTL etc. for payment of Customs • Advance Authorization Route transparency in gold trading and
Duty. • Import of Gold by Exporters of establish India as a major player in
Jewellery the global bullion market. As the IIBX
TRQ Gold under India-UAE CEPA : continues to evolve and address the
As per India-UAE CEPA, 140 tons of It is expected that soon IIBX will be initial challenges, it is expected to
Gold under Tariff Rate Quota (TRQ) able to offer Gold to the exporters of pave the way for a more efficient and
with 1% duty concession is to be Jewellery to boost India’s jewellery streamlined bullion trading ecosystem
imported during this FY 2023-24 from export. in India.
UAE.
New Products lined up : As IIBX becomes India's gateway for
DGFT has permitted TRQ holders to Gold Futures the global market, the IIBX will have
import Gold through QJs from IIBX. IIBX is geared up to launch very soon mechanisms ready to create a vibrant
DGFT has since been approving the Gold Futures denominated in USD at lending and borrowing market. It
request of TRQ holders to choose IIBX for hedging by domestic entities is expected to grow into one of the
QJs as entities through which they as permitted by RBI through its largest vaulting hubs in the region,
can import Gold through IIBX. December 2022 circular. servicing banks, financial institutions,
bullion traders, jewellers and regional
There is a need to permit non QJ Silver / global retail investors.
TRQ holders to directly import their IIBX awaits approval of authorities for
Quota of Gold through IIBX, which is starting of Silver Contracts to enable At IIBX, we are committed to ensure
likely to be addressed soon. import of Silver through its platform. development of Indian Bullion Market
through transparent trading platform,
Indian Banks part of IIBX Gold Metal Loan launch of various Exchange products
ecosystem : IIBX has been engaging with around bullion and development of
At present, IFSC Bank Units (IBUs) regulators with respect to start of bullion ecosystem to bring the bullion
of Axis Bank, HDFC Bank and Gold Metal Loan (lease) product. related offshore business to onshore.
ICICI Bank are the Clearing Banks Present Volumes at IIBX :
empanelled with IIBX. Since streamlining of ICEGATE at
GIFT City, SEZ the Gold Trading
One Indian Bank i.e., ICICI Bank quantity at IIBX have gradually started
IBU has been onboarded as a picking up. As at close of September

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