PM Modi launched IIBX : Now India will decide rate of Gold

    PM Narendra Modi, on last month July, launched  India International Bullion Exchange (IIBX) based at Gujarat International Tec - city (GIFT city) near Gandhinagar.


    IIBX is the 3rd such exchange in the entire world and has been set up with the target to make India as an influencer for global bullion prices.

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    Basically bullions refers physical gold and silver of high purity that is normally kept in the form of bars or coins.
   The International Bullion Exchange will be the gateway for bullion imports into India.
   It could lead to standard gold price in India and it will be easier for small bullion dealers and jewellers to trade. India is in the 2nd position in consuming gold after China. It will try to bring transparency to the market for this precious metal. Till date the price of gold was decided by the London Bullion Market Association (LBMA).
    Finance Minister Nirmala Sitharaman said "We would have better price negotiation strength with the launch of this bullion exchange."
    It will also solve the problem of dependency on banks as well as.

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