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The IFSC Bullion Exchange and Vault Ecosystem
India's onshore bullion price-discovery, settlement and vault infrastructure. Four limbs: IIBX (Exchange) + IICCL (Clearing) + IIDI (Depository) + empanelled Vault Managers. Qualified Jeweller route under DGFT Notification 49 (5 Jan 2022); 1% concessional duty under India-UAE CEPA TRQ; 180 MT quota FY 2025-26.
Bullion Exchange — The Practitioner's Booklet
A treatise-grade working reference on the licensing, capital, conduct-of-business and tax framework for Bullion Exchange at GIFT IFSC — every conclusion anchored in verbatim statutory and regulatory text.
The case for Bullion Exchange — before the rulebook.
GIFT IFSC competes head-on with Singapore, Dubai and Mauritius — on tax, on currency, and on access to India. Here is what actually moves the decision, before the regulatory detail below.
A 20-year tax holiday
100% deduction on business income for any 20 consecutive years in a 25-year block under Section 147 of the Income-tax Act 2025 (Finance Act 2026), then a 15% concessional rate. MAT capped at 9%.
US-dollar, offshore by law
An IFSC unit is treated as a person resident outside India under FEMA — raise, hold and transact in USD / EUR / GBP, with full foreign-currency freedom and no rupee-conversion drag.
100% foreign & NRI capital
Foreign and NRI investors can hold up to 100% — without the aggregate ownership caps that constrain comparable onshore vehicles.
An on-ramp to India
Unlike a purely offshore hub, GIFT IFSC sits on Indian soil and aligns with national policy — an offshore base that is also a door into one of the world's largest growth markets.
Zero STT, CTT & stamp duty
IFSC-exchange transactions are free of Securities and Commodity Transaction Tax and stamp duty; services rendered by IFSC units are zero-rated for GST.
One regulator, India's rule of law
A single unified regulator (IFSCA) under the IFSCA Act 2019, an independent judiciary, and a treaty-anchored legal order — certainty, not just headline rates.
The opportunity is real, but every benefit carries a condition — and that is where counsel at the threshold earns its place.
The ecosystem — at a glance
Bullion Pathway Selector
Identify your IFSCA registration pathway, net-worth profile, tax treatment and sanctions-flag overlay.
IFSCA (Bullion Market) Regulations 2025; DGFT Notification 49 of 5 Jan 2022; RBI A.P. (DIR Series) Circular 04 of 25 May 2022. Indicative only — not legal advice.
Related reading
- Booklet XV — The IFSC Bullion Exchange and Vault Ecosystem (PDF, May 2026) · Full Firm handbook.
- IFSC Tax Regime · Section 80LA, Section 47(viiab) BDR treatment, Section 10(4D).
- Resources page · IFSCA Bullion Market Regulations 2025; DGFT Notification 49; RBI A.P. (DIR Series) Circular 04; LBMA Good Delivery Rules; OECD Gold Supplement.