IIBX provides BDR settlements in 30 minutes.

According to a media report, the India International Bullion Exchange (IIBX), based at GIFT City in Gandhinagar, has reached a historic milestone by becoming the world’s first global bullion exchange to offer bullion depository receipt (BDR) settlements every 30 minutes.

The exchange, which is open from 9 a.m. to 5:30 p.m., has assigned 17 slots for BDR settlements, with each settlement taking place every half hour beginning at 9:30 a.m. As a result, the BDR receipt will be smoothly transferred from the depository’s demat account to that of qualified jewellers every 30 minutes.

According to Ashok Gautam, Managing Director and CEO of IIBX, the regulatory authority, IFSCA, approved the 30-minute BDR settlements after checking the exchange’s operational and technical readiness.

“This is the first time any bullion exchange in the world has offered such expedited clearances,” he said. The speedier realisation of BDR into jewellers’ accounts enables them to get actual gold after requisite duty payments and customs clearances,” he said.

The recent integration of the Indian customs and central excise electronic commerce/electronic data interchange (EC/EDI) gateway, often referred to as ICEGATE, with IIBX has simplified customs procedures, resulting in 142.3 kg of gold being exchanged on the exchange. At the moment, 91 registered competent jewellers are actively trading on IIBX.

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