It has been decided to allow:
a) Branch/subsidiary/joint venture of an Indian bank in GIFT-IFSC to act as a Trading Member (TM)/Trading and Clearing Member (TCM) of IIBX, and
b) Indian banks authorized to import gold/silver to act as Special Category Client1 (SCC) of IIBX.
2. These instructions are issued in exercise of the powers conferred on the Reserve Bank of India under Section 35A of the Banking Regulation Act, 1949. In the event of non-compliance with extant guidelines, or if the Reserve Bank is satisfied that it is necessary and expedient in the public interest to do so, it may issue further necessary directions (including revocation of approval) and/or impose additional conditions, as it deems fit.
This circular is applicable to all Scheduled Commercial Banks (other than Regional Rural Banks).
This circular shall be applicable with immediate effect.
Link of the Circular:https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12606&Mode=0
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