The International Financial Services Centres Authority (IFSCA) on August 18, 2022 has issued Notification regarding ‘Qualified Suppliers’ for supply of bullion on India International Bullion Exchange.
The following has been stated namely: -
• Supply of bullion at IIBX has been facilitated by enabling eligible overseas supplier entities to participate on IIBX-including through a remote access mode.
• Various features of Qualified supplier on IIBX has been stated such as the entity is a body corporate, shall comply with fit and proper criteria as specified, permitted to transact on IIBX either as a client of a Bullion Trading Member or as a Qualified Supplier – Limited Purpose Trading Members, etc.
• Certain additional conditions which must be met has been given in the notification such as must be engaged in the business of supplying precious metals for at least five years, the entity must have a minimum net worth equivalent to US$ 10 Million or equivalent amount as per the latest audited statement, etc.
• The Process for on boarding of QS-LPTM on IIBX has been given in the notification.
Please refer to the Notification for further elaboration on the same
