NE BUSINESS BUREAU
GANDHINAGAR, DEC 30
Bullion vaulting services have commenced at GIFT City with Sequel Logistics launching precious commodities vault for storage of gold and silver in the country’s only International Financial Services Centre (IFSC).
GIFT City in a statement on Wednesday said Sequel Logistics has begun precious commodities vault services at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat.
Sequel’s Free Trade & Warehousing Zones (FTWZ) vault for precious commodities at GIFT City will help in providing a seamless, comprehensive and efficient storage and logistics solution to all the market participants, both in India and overseas, Sequel Logistics Chairman and Managing Director Sharad Jobanputra said.
The foreign suppliers, Indian importers, banks, trading platforms like BSE, NSE, MCX, jewellery manufacturers, and retailers can now access this vault facility at Gift City for importation, customs clearance, long-term storage, and quick delivery of bullion across India, he added.
According to Jobanputra, the key benefits for Indian and international bullion market players to consider GIFT City for import and long-term storage for precious commodities are geographical proximity of GIFT City to important manufacturing hubs; better management of the inventory; deferred customs duty payment; long-term storage insulated from duty fluctuations; duty exemption on re-export and lower transaction cost.
“After witnessing significant participation from banking and financial services players, GIFT City will also become a key platform for the bullion trading ecosystem,” Tapan Ray, MD and Group CEO, GIFT City said.
“With the announcement of regulations on international bullion exchange at GIFT City, we expect many big players in this segment to set up their base at GIFT City and take advantage of its world-class infrastructure,” he added.
