“To mitigate the risks of potential clients of Banking Units (BU) who may seek to buy / sell or take positions in gold / silver or in order to trade or hedge their exposure in bullion”, a- he declared.
All BUs are allowed to open unallocated gold (XAU) and silver (XAG) accounts subject to the risk management framework and disclosures, he added.
In December 2019, Parliament passed a bill to create a unified authority to regulate all financial activities of IFSCs in the country.
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