The Reserve Bank of India (RBI) on February 09, 2024, issued a notification regarding Participation of Indian Banks on India International Bullion Exchange IFSC Limited (IIBX).
The following has been stated namely: -
• The following has been allowed regarding the Participation of Indian Banks on India International Bullion Exchange IFSC Limited (IIBX) namely: -
1. Branch/subsidiary/joint venture of an Indian bank in GIFT-IFSC to act as a Trading Member (TM)/Trading and Clearing Member (TCM) of IIBX
2. Indian banks authorized to import gold/silver to act as Special Category Client1 (SCC) of IIBX.
• The detailed instructions in this regard are at ANNEX to this Circular.
• This circular is applicable to all Scheduled Commercial Banks (other than Regional Rural Banks).
This shall come into force on February 09, 2024
[Notification No. RBI/2023-24/120]
