Last Update: 25 July 2022, 22:49 IST
Prime Minister Narendra Modi On Friday, Gujarat International Finance will launch the country’s first international bullion exchange at Tec-City (GIFT City). He will also lay the foundation stone for the headquarters building of the Integrated Regulatory International Financial Services Center Authority.
GIFT City is India’s first International Financial Services Center (IFSC). PM will launch it during his visit India International Bullion Exchange (IIBX), which will facilitate efficient price discovery with responsible sourcing and quality assurance, apart from accelerating the financialization of gold in India, according to a statement by the IFSC authority.
“This will empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality. This reaffirms the commitment of the Government of India to enable India as a major consumer to influence global bullion prices,” the statement said. Also, the Prime Minister will launch the NSE IFSC-SGX Connect Under this system, all orders nifty Derivatives held by members of Singapore Exchange Limited (SGX) will be routed and matched on the NSE-IFSC order matching and trading platform.
The Connect platform will deepen liquidity in the derivatives markets in GIFT-IFSC. A large number of participants are expected to participate in trading derivatives through Connect to brokers and dealers from India and international jurisdictions.
Several important announcements will also be made during the Prime Minister’s visit, the statement said. Gujarat Chief Minister Bhupendra Patel, Union Home and Cooperation Minister Amit Shah, Union Finance and Corporate Affairs Minister Nirmala Sitharaman, Union Minister of State for Finance Pankaj Choudhary and Bhagwat Kishanrao Karad will attend the programmes.
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