Bullion exchange at Gandhinagar to come into plays soon, says Sitharaman
The Department of Economic Affairs has recently approved Rs.200 crore for International Financial Services Centre Authority’s (IFSCA) headquarter building which has Rs.100 crore as Grant in Aid and Rs.100 crore as a loan from the Government, Finance Minister Nirmala Sitharaman said during her maiden visit to GIFT-IFSC in Gandhinagar on 20 Nov 2021.
The IFSCA headquarters was one of the three proposals by IFSCA.
The second proposal was Rs.269.05 crores for development of IT infrastructure of IFSCA and the third was the IFSCA FinTech Scheme of Rs.45.75 crore.
The Finance Minister said that a proposed bullion exchange is expected to come into play soon for which all the necessary infrastructure inclusive of safe vault facilities are built and are operational. This indicates that the International Bullion Exchange will be a big game changer for India.
Sitharaman was also given a presentation on the proposed International Bullion Exchange at GIFT IFSC by NSE IFSC, India INX and IFSCA, citing high demand for gold in India.
Sitharaman exhorted officials to look at various ways in which more companies can get listed at GIFT IFSC, more transactions can happen here, more funds can be raised from here by companies, and how the bond market activities at GIFT IFSC can be improved, deepened and widened.
The Finance Minister also suggested that there is a need for an interaction with leading start-ups dealing with FinTech and other activities which are present in Bengaluru, Hyderabad, Gurugram and other locations.
Sitharaman also urged the Government of Gujarat to explore options to facilitate leading start-ups to locate outside the IFSC but within the GIFT City so that the ecosystem which is necessary for global financial hub can be created.
The Government’s endeavour is to make India a global financial gateway through GIFT-IFSC at GIFT City, she added.
The Minister also visited the Automated Waste Collection System (AWCS), the Underground Utility Tunnel, the Bullion vaulting Facility and India INX. #investment #economy #projects #tenders /fiinews.com
