Gandhinagar: Post the announcement in the Union Budget 2020-21 for setting up of International Bullion Exchange in GIFT IFSC, the steering committee of World Gold Council held their meeting today at Gujarat International Fin-Tec City (GIFT City).

Among other things, one of the key points in the agenda was to discuss about developing a comprehensive plan for International Bullion Exchange.

In addition, the committee discussed various aspects of instituting an ecosystem for an organized and transparent trading of bullion in GIFT IFSC.

As announced by the Finance Minister, International Bullion Exchange at GIFT IFSC would ensure better price discovery of gold, strengthen India’s position in the global bullion market and create more employment opportunities in this field.

In a span for four years, GIFT IFSC has developed a competitive environment for international financial services such as banking, insurance, capital markets and fin-tech. With the addition of bullion exchange, the ecosystem will be complete and will add depth to the bullion commodity market.