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    Question

    Branches of an Indian bank in GIFT-IFSC can act as a

    ____ of India International Bullion Exchange. A.Trading and Clearing Member (TCM) B.Trading Member (TM) C.Professional Clearing Member only
    A A and B Correct Answer Incorrect Answer
    B A and C Correct Answer Incorrect Answer
    C B and C Correct Answer Incorrect Answer
    D All of the above Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    In February 2024, RBI has allowed: •Branch/subsidiary/joint venture of an Indian bank in GIFT-IFSC to act as a Trading Member (TM)/Trading and Clearing Member (TCM) of India International Bullion Exchange (IIBX), and •Indian banks authorized to import gold/silver to act as Special Category Client1 (SCC) of IIBX The TM/TCM shall execute trades only on behalf of clients (without proprietary trading). It is applicable to the all Scheduled Commercial Banks (other than Regional Rural Banks).

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