The Indian International Bullion Exchange IFSC (IIBX) on May 16, 2024, notified regarding the onboarding of banks authorized by RBI to import Gold/Silver through India International Bullion Exchange IFSC Limited (IIBX) as Special Category Clients (SCC) Banks.
The following has been stated namely: -
• It is in reference to IIBX circular no. 20240422-1 dated April 22, 2024, and IFSCA circular no. 329/IFSCA/Bullion MIIs/2024-25/01 dated April 19, 2024.
• It states that the applications from banks authorized by RBI to import Gold/Silver through IIBX shall be onboard as Special Category Client (SCC) Banks at IIBX.
• It states that SCC Banks shall complete the application form, submit the required documents as per Annexure – 1 SOP, and submit online via https://membership.iibx.co.in/; after onboarding and payment to IIBX, they shall be eligible to participate on IIBX.
• It states that applicants shall Open a Demat Account with IIDI, and submit a copy of IIDI’s Demat-Client account report to IIBX after opening the account.
• It states that for ease of the onboarding process, IIBX shall provide online access to India International Depository IFSC Limited (IIDI) and to the selected Bullion Clearing Members of IIBX for the common onboarding documents submitted with the application.
• It states that SCC Banks shall place buy orders on IIBX for importing gold/silver on behalf of clients in their own name and not enter sell orders, and shall ensure that Bullion Depository Receipts (BDRs) are extinguished, and the Bill of Entry is filed within eleven calendar days from remittance.
Kindly refer to the attached document for Annexure 1.
[Notification no. - 20240516-2]
