The government on Saturday proposed to set up an international bullion exchange at IFSC in GIFT City, which will lead to better price discovery of gold, create more jobs and enhance India’s position in such market.
“With the approval of the regulator, GIFT City would set up an International Bullion Exchange(s) in GIFT-IFSC as an additional option for trade by global market participants,” Finance Minister Nirmala Sitharaman said while presenting the Budget for 2020-21.
This will enable India to enhance its position worldwide, create jobs and lead to better price discovery of gold, she added.
The country’s only International Financial Services Centre (IFSC) is in GIFT City near Ahmedabad in Gujarat.
IFSC has the potential to become a centre of international finance and high-end data processing, the Minister added.
IFSC has 19 insurance entities and 40 banking entities.
“We welcome the announcement in today’s Union Budget on setting up of an International Bullion Exchange at GIFT IFSC,” said Tapan Ray, MD and Group CEO at GIFT City.
“The Finance Minister has re-emphasised the importance of GIFT IFSC as an emerging global financial services hub. The policy pronouncement regarding GIFT IFSC gives a tremendous boost to investor confidence both in India and abroad,” he added.
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