The Reserve Bank of India has issued a circular on Friday regarding Indian bank branches in GIFT-IFSC to act as Trading member or Trading and clearing members of the International Bullion Exchange IFSC Ltd. (IIBX).
The RBI said that the Indian Banks are now authorized to import gold or silver will act as special category Client of the International Bullion Exchange.
The RBI Circular also stated that the trading member or Trading and Clearing Member of IIBX shall execute Trades only on behalf of clients
According to the extant Foreign Trade Policy the Reserve Bank grants annual import authorization to bank for import of gold and silver. Such Banks in addition to the consignment model in domestic traffic area are hereby allowed to operate as a SCC of IIBX for import of gold or silver, The Reserve Bank of India Said