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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.
Who may trade, clear, vault or import bullion through IIBX?
India International Bullion Exchange (IIBX) in GIFT IFSC provides trading, clearing and vaulting for bullion, under the IFSCA (Bullion Market) Regulations, 2025.
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.