GIFT City IFSC

The finance minister has announced ways to make regulations and clearances for GIFT City streamlined

Such entities have a variable capital base as they issues and redeems shares on an on-going basis. With every issue or redemption, the capital base of the VCC changes

Modi launches India's first international bullion exchange in Gujarat

Prime Minister Narendra Modi will visit India's first International Financial Services Centre (IFSC) at the Gujarat International Finance Tec-City (GIFT City) near Gandhinagar on Friday

The launch, which was to bring SGX Nifty trading at Gift City IFSC, was due to get operationalised on Friday by Prime Minister Narendra Modi

Banks have been asked to carry out all the due diligence and ensure remittances sent are only for the bona fide import transactions through exchange/s authorised by IFSCA

This is the first offshore Secured Overnight Financing Rate (SOFR)-linked loan by SBI through its IFSC Gift City Branch

Once the Gift Connect gets operational, SGX investors dealing in Nifty contracts will have to carry out their investment at NSE IFSC

A certain number of NSE IFSC depository receipts are required to make up one underlying share

Numbers have been rising fast since the pandemic; total amount of money sent abroad for foreign investments was $673.8 million

Use of the instrument has been falling over time

Market participants say move would ensure fast disposal of cases and will attract investors and enhance ease of doing business

FY23 will be aimed at making IFSC the centre to use rupee as a freely convertible currency

The public and stakeholders comments on the draft regulations have to be submitted by December 20

The role of GIFT-IFSC as gateway to global financial services for Indian corporates within India, attracting global financial business to India will be discussed

IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centres (IFSCs) in India

Talks are likely to revolve around role of GIFT-IFSC as a gateway to global financial services for Indian companies, attracting global financial business to India, and growth as a fintech global hub

Nifty derivatives contracts are among the most traded on the SGX

The International Financial Services Centres Authority (IFSCA) is in the process of setting up an International Arbitration Centre in the GIFT IFSC for speedy resolution of any dispute

License issued today by IFSCA