India’s gold exchange system converts physical gold into electronic gold receipts that can then be traded and held in investors’ portfolios. Across the supply chain, physical gold is stored in vaults before being linked to electronic receipts. These receipts are managed through depositories, which handle the record-keeping and custody arrangements that allow ownership to change without repeatedly moving the underlying metal. As a result, the same gold can be represented by different electronic receipts over time as trades occur. The process involves transfers through established market infrastructure—moving from physical storage facilities to electronic custody mechanisms, and then into trading platforms such as stock exchanges. With each transaction, ownership of the electronic receipt can change hands multiple times while the underlying gold remains under the system’s custody arrangements. The overall structure is designed to support trading of gold in a standardized, electronic form, so that investor access does not require direct physical handling at every trade. Sources describe the lifecycle of an electronic gold receipt as a sequence of vault storage, depository records, and exchange trading.