Boost to GIFT IFSC, International Bullion Exchange as FM approves 3 proposals

Boost to GIFT IFSC as FM Sitharaman Approves 3 Proposals Worth Rs 514 crore | Photo credit: Twitter

Finance Minister Nirmala Sitharaman during her visit to GIFT City in Gujarat on Saturday approved three key proposals from the International Financial Services Center Authority (IFSCA).

The first proposal involved Rs 200 crore for the IFSCA headquarters building, which includes Rs 100 crore as an aid grant and the remaining Rs 100 crore as a government loan. The second for Rs 269 crore for the development of the IT infrastructure of the IFSCA and the third was the IFSCA FinTech program of Rs 45.75 crore. She said the central government is working to make India a global financial gateway through GIFT-IFSC in GIFT City.

During her visit to the city billed as an upcoming financial center, the Minister of Finance also visited the Automated Waste Collection System (AWCS), underground utility tunnel, Bullion vault, as well as India INX .

“A presentation was also made to Sitharaman at India INX by NSE IFSC, India INX and IFSCA on the international bullion exchange project at GIFT IFSC given the strong demand for gold in India,” according to a ministry statement. finances.

The finance minister said that the bullion exchange is expected to come into play soon for which all the necessary infrastructure including safe deposit box facilities are built and operational and indicated that the bullion exchange will greatly change the gives for India.

The ministry statement further said that FM urged officials to explore ways in which more companies can be listed on GIFT IFSC, improve transactions and improve bond market activities at GIFT IFSC. In this regard, she said there was a need to interact with the major start-ups dealing with FinTech and other activities present in Bengaluru, Hyderabad, Gurugram and other places.

She also urged the government of Gujarat to explore options to facilitate the establishment of start-ups outside of the IFSC but within the city of GIFT so that the necessary ecosystem for the global financial center can be created.

The Sitharaman-led delegation to Gujarat city had discussions on various discussions on the pleading of ideas for the development and growth of the first Indian IFSC in GIFT City.

During the visit, interactive sessions on Capital Markets and Banking and Insurance were held in parallel during which presentations were made by the Managing Director and CEO of GIFT City followed by the President of the ‘IFCSA. The presentations covered various aspects of GIFT-IFSC’s development journey and the way forward to further elevate GIFT’s stature.

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