Gold Silver New Rules: The Finance Ministry has called a high-level meeting in Delhi on November 4 to discuss controlling gold and silver prices and increasing trading volume at the Indian International Bullion Exchange (IIBX) in GIFT City.
The central government has intensified preparations to make India a global bullion trading hub.
What does the government intend to do?
According to sources, the meeting will be attended by senior representatives from the Ministry of Commerce, RBI, DGFT, SEZ and public and private banks. The government aims to make India a hub for international gold and silver trading and establish IIBX as a globally competitive platform.
Strategy to be formulated on gold and silver
According to sources in the Finance Ministry, the meeting will consider increasing bank participation on IIBX and simplifying the trading system. A strategy to control fluctuations in gold and silver prices will also be discussed.
The GIFT City-based IIBX was set up to provide India with an international bullion market, but trading volumes have not grown as expected. So the government wants domestic banks, foreign investors and exchange players to play an active role. The outcome of the meeting could prove crucial for the future of the country’s bullion market, as India is one of the world’s largest gold buyers.
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