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Special Category Client Banks

The Reserve Bank of India (RBI) vide its circular dated February 09, 2024, has allowed participation of Indian Banks on India International Bullion Exchange IFSC Ltd. (IIBX).
As per the extant Foreign Trade Policy, the Reserve Bank grants annual import authorization to banks for import of gold/silver. Such banks as per the above RBI circular are hereby allowed to operate as a Special Category Client (SCC) on IIBX for import of gold/silver.
IFSCA vide its circular dated April 19, 2024, has permitted the Indian Banks, authorized by the RBI to import gold/silver, to directly access the trading system of the IIBX, without the need for a Bullion Trading Member, for undertaking such import on behalf of their clients. Such banks referred to as ‘SCC Banks’ shall utilize the services of an IFSC Banking Unit (IBU) registered as a Bullion Clearing Member for clearing of their purchase transactions.



Special Category Client-Bank Onboarding Flow