The Reserve Bank of India (RBI) issued a circular on Friday allowing Indian bank branches in GIFT-IFSC to act as Trading Members or Trading and Clearing Members of the International Bullion Exchange IFSC Ltd (IIBX).
COMMERCIAL BREAKSCROLL TO CONTINUE READINGThe RBI stated that Indian banks authorised to import gold or silver will serve as Special Category Clients (SCCs) of the International Bullion Exchange.
According to the RBI circular, IIBX Trading Members/Trading and Clearing Members (TM/TCM) may only execute trades on behalf of clients (no proprietary trading).
According to the current Foreign Trade Policy, the Reserve Bank grants annual import authorization to banks for gold and…
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