FinMin calls meet to spur gold, silver transactions through IIBX

The Ministry of Finance (FinMin) has called a high-level meeting on November 4 to explore measures for enhancing the volume of gold and silver transactions through the India International Bullion Exchange (IIBX) at GIFT City in Gujarat’s Gandhinagar, a senior government official told Business Standard.

- HARSH KUMAR

“The upcoming deliberations will focus on the status of bullion trading on IIBX. The exchange will give a presentation on the latest position of bank onboarding, and trading volumes achieved so far. The deliberations will also take updates from banks on their progress in securing Board and the Reserve Bank of India (RBI) approvals, and on the commencement of actual trading operations through nominated banks and International Banking Units (IBUs),” said the official.

The meeting follows a review chaired by Finance Minister Nirmala Sitharaman on June 26, 2025, where she had directed key stakeholders to accelerate the development of the bullion ecosystem at the International Financial Services Centre (IFSC) in GIFT City.