Gold Policy: India's First Bullion Exchange Will Be Piloted In Gift City From Today.
Key Sentence:
- The policy for gold exchange has been prepared in IIM Ahmedabad
- India's long-awaited bullion and jewelry industry are set to launch a gold business on an experimental basis today.
The country's first bullion exchange will be held at Gujarat International Finance Tech City (Gift-City) in Gandhinagar, Gujarat. Today, August 18, International Financial Services Centers Authority (IFSCA) Chairman Injethi Srinivas will launch the India International Bullion Exchange (IIBX) on a pilot basis.
The BSE will lead the gold exchange
The Bombay Stock Exchange will head India's first gold exchange. The stakeholders will be the Multi Commodity Exchange (MCX), National Stock Exchange (NSE), CDSL, and NSDL. In February, Finance Minister Nirmala Sitharaman announced in the budget that SEBI would be the regulatory body for India's first gold exchange.
The gold policy has been prepared in IIM Ahmedabad
The Government of India is building the country's first gold exchange, and a policy for it has been prepared at IIM Ahmedabad. The government has entrusted the Indian Gold Policy Center (IGPC), a joint venture of the World Gold Council (WGC) and the Indian Institute of Management, Ahmedabad (IIMA), with the task of drafting the policy.
There will be a uniform price of gold across the country
The Government of India has formulated a new Gold Policy to address several issues, including discrepancies in gold prices, lack of transparency in the jewelry industry, and quality of gold.
This means that there is currently no concrete method for determining the price of gold in the country, and that is why the prices are different in each city, and there is also a big difference between the prices of two cities or states. Being a gold exchange will bring equality in the price of gold. There will be a price mechanism in the market, and consumers will directly benefit from it.
Source from Divyabhashkar