GANDHINAGAR, AUG 19
Union Finance Minister Nirmala Sitharaman on Saturday said a comprehensive legal framework will soon be in place to enable accounting, auditing and taxation professionals to provide services from GIFT City, turning it into a global hub for accounting and financial back-office functions.
Chairing a review meeting on the growth and development of GIFT-IFSC at Gujarat International Finance Tec-City (GIFT City), Sitharaman also emphasised using the maximum potential of the Indian International Bullion Exchange IFSC (IIBX) – launched here in 2022 – in ensuring disintermediation and efficient price discovery.
- Nirmala Sitharaman emphasises using the maximum potential of the Indian International Bullion Exchange IFSC (IIBX) – launched here in 2022 – in ensuring disintermediation
- Both IFSCA and IRDAI to proactively engage with leading global insurance companies to establish GIFT as a premier global hub for insurance and reinsurance: Nirmala
- FM appreciates swift actions in streamlining approvals and accelerating infrastructure development, especially for the two Australian universities in line with the Budget 2022-23 announcements
Hon’ble Finance Minister Smt. Nirmala Sitharaman today visited IFSCA’s office and reviewed progress of various initiatives taken by the Govt. of India to make GIFT-IFSC a world class financial service centre. Refer to press release for more details:https://t.co/EGibRqTOjN pic.twitter.com/TYUZ8Z5LR5
— IFSCA (@IFSCA_Official) August 19, 2023
She asked the Reserve Bank of India to pilot the import of tariff rate quota (TRQ) gold under the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates through IIBX to pave the way for Indian banks efficiently using the IIBX platform, an official release stated.
During the review meeting, the Union Finance Minister emphasised on the need for all stakeholders to recognise and support the identified pathways to elevate GIFT City as a premier financial hub so that it stands out as the best among its contemporaries on the global scale.
Sitharaman further said, “As envisioned by Prime Minister 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 TRQ gold under UAE CEPA through IIBX, which can pave the way for Indian banks efficiently using the IIBX platform.
Sitharaman mentioned that sunrise niche areas such as logistics for precious metals, global insurance, aircraft-and-ship leasing should expand the portfolio of services provided out of GIFT city.
The Union Finance Minister appreciated swift actions in streamlining approvals and accelerating infrastructure development, especially to the two Australian universities in line with the Budget 2022-23 announcements. This has helped in garnering interest from numerous global universities in the GIFT-IFSC.
The introduction of amenities such as a central park and food courts has notably enhanced the vibrancy and appeal of GIFT City, Sitharaman added.
Union Finance Minister also asked that the Direct Listing of Indian shares on IFSC exchanges already approved by the Government of India must be advocated amongst relevant stakeholders.
With reference to making GIFT City as the global hub for accounting and financial back-office functions, Sitharaman noted that a comprehensive legal framework, catering to accounting, auditing, and taxation professionals, will soon be in place to enable them to provide the services to the world. Additionally, the Union Minister urged all financial sector regulators to collaborate in stimulating business activities in GIFT-IFSC.
Sitharaman appreciated swift actions in streamlining approvals and accelerating infrastructure development, especially for the two Australian universities in line with the Budget 2022-23 announcements.
“This has helped in garnering interest from numerous global universities in the GIFT-IFSC,” stated the release.
Later, the Union Finance Minister visited IFSCA Headquarters in GIFT City and addressed the members of the IFSC Authority along with Secretaries of the Ministry of Finance and Ministry of Corporate Affairs.
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.
