Demystifying IIBX
CA Dishant Kothari
Managing Partner at VKND & Co. | Expert in Fund Setup, IPO Advisory, and Corporate Structuring in IFSC | Educating on Financial Strategies and Opportunities in Gift City"
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India's bullion market is one of the largest in the world and holds an important position in the global bullion market.
Giving a major boost to India’s aspiration of having its own International Bullion Exchange and paving the way for India to play a larger role in the global bullion market, India International Bullion Exchange IFSC Limited (IIBX) was launched by the Honorable Prime Minister of India, Shri Narendra Modi on 29th of July 2022. IIBX is promoted by India’s leading market infrastructure institutions like NSE, INDIA INX (subsidiary of BSE), NSDL, CDSL and MCX. IIBX is established at GIFT IFSC, Gandhinagar, and Gujarat, India. IIBX is regulated by International Financial Services Centres Authority (IFSCA) (https://www.ifsca.gov.in).
IIBX has been conceptualized to provide a gateway to import bullion into India and provide world class bullion exchange ecosystem to promote bullion trading, investment in bullion financial products and vaulting facilities in IFSCs.
For the first time, an Indian resident Jeweler (Qualified Jeweler - QJ) can import bullion directly into India through IIBX by being a Client or a Special Category Client of IIBX. Top bullion dealers and jewelers of India have been on boarded by IIBX with many more applications in the pipeline.
Bullion is kept in the vaults authorized by International Financial Services Centers Authority (IFSCA) and empanelled by India International Depository IFSC Limited (IIDI). Bullion on IIBX is traded in the form of Bullion Depository Receipts (BDRs). Demat account is required to be opened with the IIDI where BDRs will be credited.
The global bullion banks, bullion refiners and bullion traders through IIBX, can directly access the bullion buyers in India via IIBX. GIFT IFSC area offers convenience to re-export the Bullion as and when required by bullion suppliers without payment of customs duty. T+0 contracts are currently available for 995 1kg (LBMA & UAEGD) and 999 100 gm (LBMA) with plans to enhance the product suite going forward.
??????????????????: The main goal of IIBX is to create a transparent, efficient, and internationally competitive bullion market in India. It aims to standardize bullion trading, provide better price discovery, and increase transparency in bullion transactions.
????????????????????: The exchange is regulated by the International Financial Services Centers Authority (IFSCA), which ensures adherence to global standards and best practices.
????????????????????????: IIBX is open to a range of participants, including banks, bullion dealers, jewelers, and foreign bullion suppliers. This broad participation helps in enhancing liquidity and ensuring fair pricing.
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Department of Revenue notification no:66/2023-customs dated on 22nd decemebr2023 has advised that if Importer and the TRQ holder are same entity then IGCR or specified end user rule will not be applicable.
The TRQ holder when importing through IIBX become direct importer and thus exempted from IGCR rule.
?????????? ?????????????????? ?????? ??????-??????????????: Pay only 14% Custom Duty
Payment of only 14% of Custom Duty.
No need to block 1% of Custom Duty as Bond to Custom.
Holders need not to deposit 1% of Custom Duty value with their intermediaries.
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?????????????????????? ??????????????: Transparent prices are made available to all stakeholders, ensuring democratic pricing for all clients and members on the exchange.
Every 30 Minutes credit of Bullion Depository Receipts (BDR): IIBX is a global first Exchange with delivery of BDR to clients' Demat accounts within 30 minutes, along with same day import of gold/Silver in DTA area post-credit of BDR and clearance of Customs process.
???????????????? ?????????????? ?????????????? ????????????????????: By eliminating the need for upfront payment of customs duty and premiums, our system allows clients to better manage their working capital, allocating funds more efficiently across their operations.
?????????????????????? ?????? ??????????????????????: Clients enjoy unparalleled flexibility and convenience with the ability to purchase TRQ gold in various quantities. Our contracts accommodate purchases as low as 100 grams under UAEGDTRQ GOLD 999 T+0 contract and 1 Kg under UAEGDTRQ GOLD 995 T+0.
?????? ?????????????????????? ??????????????: IIBX offers very low transaction charges, ensuring cost-effectiveness for clients.
?????????????? ?????????????? ?????? ????????????????: IIBX sources from UAE Good Delivery accredited refiners, ensuring quality and quantity assurance.
?????????? ???????????????? ???????????? ??????????????: Top vaulting partners approved by the International Financial Services Centers Authority (IFSCA) and empanelled by the India International Depository IFSC(IIDI) to ensure secure storage of assets. Our current operational partners include Loomis-Sequel, Brinks, and Malca-Amit, all located within GIFT IFSC.
???????????????? ?????? ?????????????? ?????? ??????: QJs can import their TRQ (Tariff Rate Quota) gold through IIBX without the need for re-registration for TRQ.
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IFSC Registered Brokers.
Global-Banks, Refiners, Dealers.
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Qualified Jewellers- SCC*.
Qualified Suppliers- SCC*
Trading Members.
* Special Category Client.
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Refinery
Institutional Investors
Traders/ Qualified Jewelers / Qualified Supplier
Global Bullion Banks
NRI, PIO, BDR Investor
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01. Entity shall have a minimum net worth of Rs 25 crore as per its latest audited financial statement.
02. 90% of the average annual turnover in last 3 financial years are through dealing goods under precious metals.
03. The Entity must have filed due GST returns up to the preceding month prior making an application to IIBX.
04. The Entity shall be engaged in the business of goods falling under HS codes 7106, 7108, 7113, 7114, and 7118 under chapter 71 of HS.
05. The Entity shall provide the net worth certificate from Chartered Accountants / Company Secretary/ Cost Accountant.
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01. Valid TRQ holders can apply to get notified as India-UAE TRQ Holder with IIBX.
02. Applicant submit their application for India-UAE TRQ Holder with IIBX through Online Membership portal.
03. IFSCA notifies the Valid India-UAE TRQ Holder after verifying all the required documents.
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01. IIBX Account Opening.
02. IIDI Demat account Opening.
03. TM/CM Account Opening.
04. Unique Client Code Creation.
05. Ice Gate Registration.
06. TRQ License Registration at Port.
07. Engage with CHA for Custom Clearance.
08. Engage with Logistics partner for Delivery.