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 The International Financial Services Centres Authority (IFSCA) has issued an updated Consolidated Circular on January 2, 2026, establishing a comprehensive regulatory framework for gold and silver imports through the India International Bullion Exchange (IIBX). This 14-page consolidated document integrates all previous circulars and introduces significant reforms to democratize access to India's bullion market while maintaining rigorous compliance standards. Regulatory Background and Legal Foundation This consolidated circular is issued under Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with Regulation 78 of the International Financial Services Centres Authority (Bullion Market) Regulations, 2025. It compiles instructions from the October 10, 2025 circular and the January 2, 2026 amendments into a single, comprehensive framework. The regulatory framework stems from DGFT notifications (No. 49/2015-2020 dated January 5, 2022, No. 35...

 The International Financial Services Centres Authority (IFSCA) issued a landmark circular on January 2, 2026, fundamentally transforming India's bullion import landscape by enabling new categories of entities to participate in gold and silver imports through the India International Bullion Exchange (IIBX). This comprehensive six-page regulatory document amends the existing framework and introduces flexible eligibility criteria for specialized traders. Background and Context This circular amends the IFSCA's October 10, 2025 Consolidated Circular titled "Import of gold or silver by Qualified Jewellers and valid India-UAE CEPA Tariff Rate Quota (TRQ) Holders through India International Bullion Exchange (IIBX)." The amendments emerged from stakeholder consultations and representations, reflecting the Authority's responsive approach to market needs. Major Policy Decisions The circular announces two fundamental policy shifts: Relaxation of eligibility criteria t...