Use maximum potential of IFSC-IIBX

Aug 21, 2023

Union Minister for Finance & Corporate Affairs Nirmala Sitharaman chaired a review meeting, along with a team of Secretaries from the Ministry of Finance and Ministry of Corporate Affairs, on the development and growth of India’s maiden International Financial Services Centre (IFSC) at GIFT City, Gandhinagar.

The visit, organised by GIFTCL in collaboration with the State Government of Gujarat, saw the presence of Kanubhai Desai, Minister of Finance, Energy & Petrochemicals-Government of Gujarat besides Chief Secretary, Government of Gujarat, and other senior officials of the state. All Indian financial sector regulators also participated in the review meeting.

Sitharaman further said that as envisioned by Prime Minister Shri Narendra Modi, GIFT City should emerge not only as a lively international centre but also as a global leader in devising solutions to intricate financial challenges, especially in the climate of the current global economic headwinds.

The Union Finance Minister underlined that since GIFT IFSC has been recognised as a fast-moving International Financial Centre, priorities should be set out for attracting more and more business and creating large-scale investment.

Sitharaman exhorted both IFSCA and IRDAI to proactively engage with leading global insurance companies to establish GIFT as a premier global hub for insurance and reinsurance.

Union Finance Minister also emphasised on using maximum potential of Indian International Bullion Exchange IFSC (IIBX) in ensuring disintermediation and efficient price discovery and asked RBI to pilot the import of Tariff Rate Quota (TRQ) gold under UAE CEPA through IIBX, which can pave the way for Indian banks efficiently using the IIBX platform.

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