Question
What is the minimum net worth requirement for jewelers
to participate in the India International Bullion Exchange (IIBX)?Solution
India's first bullion exchange will sell physical gold and silver. It was announced in the Union Budget 2020 speech. The exchange will open for all jewelers with net worth of Rs 25 crore and above. The registered jewelers will be able to sell and buy gold and silver in the exchange after registering as a trading partner. The jewelers based out of India will also be able to transact the precious metals through the exchange after registering with the International Financial Services Centre Association (IFSCA).
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