The International Financial Services Centres Authority (IFSCA) on May 24, 2023, issued the Constitution of the Precious Metals Advisory Committee (PMAC).
The following has been stated namely: -
• A comprehensive Gold Policy was announced to be formulated to develop gold as an asset class and establish a consumer-friendly and trade-efficient system of regulated gold exchanges in the country.
• The initial work on the conception of the India International Bullion Exchange (IIBX) was carried out by the IFSCA, based on inputs from the concerned departments/agencies of the Government of India, the World Gold Council (WGC), the India Gold Policy Centre (IGPC), industry/trade bodies, and GIFT City.
• The GIFT-IFSC was formally launched on July 29, 2022.
• While with the migration to ICEGATE, the volumes are expected to pick up to their potential, the IFSCA has been looking to take all necessary steps, on various fronts, to ensure wider participation and greater initial liquidity on IIBX. Going forward, IFSCA’s aim is to enable IIBX to facilitate trading in a range of products, including derivatives and leasing products, in order to attract participants from around the world, including Indian and foreign banks.
• In view of the scope and complexity of the tasks involved, an independent Precious Metals Advisory Committee (PMAC) has been constituted at IFSCA to obtain inputs on strategic and operational aspects, products, processes, and other relevant issues for the development of the precious metals’ ecosystem at GIFT-IFSC in particular and the entire gold economy of India in general.
