वैश्विक स्तर पर गिफ्ट-आईएफएससी
Gujarat International Finance Tec-City i.e. GIFT City is India’s first International Financial Services Center spread over 886 acres in Gandhinagar. GIFT City houses national and international banks, IT companies, insurance companies, international stock exchanges and India’s first International Financial Services Center (IFSC).
India’s first India International Bullion Exchange (IIBX) and NSE IFSC-SGX Connect were also launched at GIFT City. This initiative will lead to a facilitating financial ecosystem within GIFT-IFSC under the supervision of IFSCA. The exchange will sell physical gold and silver. It aims to make India a major regional hub for bullion flows on the lines of Shanghai Gold Exchange and Borsa Istanbul.
International Financial Services Centers Authority (IFSCA) launched in Gandhinagar GIFT City in 2020 as a statutory regulatory authority.
IFSCA acts as a unified statutory regulatory body for the development and regulation of financial products, financial services and financial institutions in International Financial Services Centers (IFSCs) in India.
Foundation Stone Laying of IFSCA Headquarters
As a leading international financial centre, GIFT-IFSC’s “IFSCA Tower” has a built-up area of 3 lakh sq. ft. A 27-storey building with world-class modern facilities will take shape. Designed as a platinum rated green building with a sustainable structure. Construction Rs. 200 crore is estimated to be spent. After the completion of construction in 2024, IFSCA Tower will emerge as an iconic building in GIFT City.
It is the third exchange of its kind in the world with technology driven solutions that will enable authorized jewelers to import gold directly through the exchange system. As a result, India’s bullion market will be more organized and equipped with new facilities.
Launch of NSE IFSC – SGX Connect
Currently, the average daily volume in Nifty Futures on SGX is around 1 lakh nine thousand contracts valued at USD 3.65 billion. This volume is expected to shift to NSE-IFSC once CONNECT is fully implemented.
A large number of Indian and international broker-dealers will be involved in trading derivatives.
A New Beginning
1. Establishment of Indian Regional Office (IRO) by New Development Bank (NDB).
2. Opening of banking units of three foreign banks
3. Capacity Expansion of Bank of America’s Global In-house Center
4. Operation of Four International Trade Finance Services (ITFS) Platforms
5. Certificate of Authorization awarded to five fintech companies at GIFT-IFSC
6. Assignment of Joint Letter of Intent by Association of National Exchange Members of India (ANMI) and Commodity Participants Association of India (CPAI) on behalf of 100+ broker-dealers for commencement of operations in GIFT-IFSC
7. 75th List of Bonds on India INX to mark Azadi Ka Amrit Utsav
8. Launch of International Sustainability Platform (ISX).
So far 310 units have started functioning under IFSCA. A growth of 140 per cent has been registered so far in financial transactions through these units.
The 22 banks under the regulatory purview of IFSCA have a consolidated asset base of approximately US$32 billion, which has facilitated banking transactions totaling around US$207 billion.
The two international stock exchanges in IFSC namely ‘International Bullion Exchange (IBX)’ and ‘India International Bullion Exchange (IIBX)’ collectively have an average daily turnover of approximately US$11 billion.
The performance of all these metrics by IFSCA is also acknowledged in the latest report of Global Financial Centers Index, London.
In which GIFT-IFSC has been ranked among the top 15 centers globally.
IFSCA was empowered to develop and regulate the financial services market in International Financial Services Centers in India and for matters connected therewith as a regulator of the four domestic financial sectors RBI, SEBI, IRDAI and PFRDA.
India will be recognized as an important center through the gold market in the international markets. With the opening of IIBX in Ahmedabad, eligible jewelers in the country will be able to import gold directly from the international market through IIBX.
GIFT City is building a commerce and technology infrastructure.
India alone contributes to real-time digital payments in the world. Finance and technology are intertwined.
Bullion exchange has started in GIFT City. Bullion Exchange has been set up with a paid-up capital of Rs.115 crore. It was announced in the Union Budget for the year 2020.
India Regional Office of NDB started. An MoU was also signed with the Department of Space, Central Government.
The New Development Bank has set up an India Regional Office. The regional office will act as the representative of the New Development Bank in the Indian subcontinent. Which will identify developmental projects and provide them financial assistance. This will create a strong framework for the project in India and other member countries.
NDB has approved 20 projects totaling around USD 7.2 billion in India. IRO will support these projects.
International banking units of three foreign banks have been started. In which Deutsche Bank AG, JP Morgan Chase Bank and MUFG Bank were inaugurated.
Four International Trade Financing Services (ITFS) platforms were launched. Authorized under the ITFS framework of IFSCA, the platform has been set up by RXIL Global IFSC Ltd., Vayana (IFSC) Pvt Ltd, Mynd IFSC Pvt Ltd and Kredx Ventures IFSC Pvt Ltd. The ITFS platform launched globally by such regulator to facilitate cross-border trade finance with the participation of buyers, sellers, financiers and credit enhancement institutions facilitates easy digital onboarding, multiple financing options and efficiency for buyers/sellers across the globe. Enables MSME exporters/importers in India, especially
Association of National Exchange Members of India (ANMI) and Commodity Participants Association of India (CPAI) have jointly submitted letters of intent on behalf of 100 broker dealers to set up their operations in GIFT.
The International Sustainability Platform (ISX) was launched to raise capital flows for corporates, governments and organizations in India and other parts of the world to achieve their environmental and social goals.
Authorization Certificates were awarded to five fintech companies under the Fintech Entities Framework. Cropdata IFSC Private Limited, which will focus on connecting Indian farmers directly to the export markets. Edgewave Systems Limited (wholly owned subsidiary of Infosys) will solve business process related issues by bringing blockchain-powered solutions. Sigzi Technologies Pvt Ltd, which will provide an integrated KYC solution and customer on-boarding digital infrastructure to financial institutions in GIFT-IFSC; UMBO IDTech Pvt Ltd (Riskcovry), which will provide insurance delivery solutions for global markets, and Qkrishi Quantum Pvt Ltd., which will develop deep-tech quantum-based algorithms to protect financial institutions from cyber risks in GIFT-IFSC. IFSCA thriving in GIFT-IFSC by promoting innovation-oriented institutions Will build the fintech ecosystem.
In addition to strong growth opportunities, work closely with government, public and private sector agencies in the Indian subcontinent to identify projects that have
Bank of America will expand the capacity of its Global In-House Center (GIC). Bank of America’s Global In-House Center (GIC) will expand. In addition to the existing 1000 employees, 1500 new employees will be recruited.
The Prime Minister, Narendra Modi, today laid the foundation stone of the IFSC Headquarters building “IFSCA Tower” during his visit to Gujarat International Finance Tech-Gift City.
The arrival of Home and Cooperation Minister Amit Shah was announced but canceled at the last minute, he was also not present at the Sabar Dairy program under the Department of Cooperation on Thursday. However, Union Finance Minister Nirmala Sitharaman was present along with two other junior ministers of the Finance Ministry at the GIFTCity ceremony.
The Gujarat government had announced the setting up of a fintech park to increase investment. But nothing happened for two years.
Finance Minister Nirmala Sitharaman made the announcement. World class fintech hub to be built in GIFT City, 1.5 lakh new employment opportunities will be created. But nothing happened about it.
Singapore has emerged as a hub for this new market. Similar technological developments are being seen in India.
What is Gift City?
International Finance Tax City (GIFT City) is India’s first Smart City. GIFT City is spread over 886 acres and includes both domestic and SEZ. 9 to 10 thousand employees are working here. The infrastructure of GIFT City is unique.
The campus has facilities like district cooling system, utility tunnel, automated system for garbage collection.
The city has offices in 9 towers. None of the towers are covered by the walls of the compound. This method is adopted for optimum utilization of land. None of the 9 towers have separate ACs. The district cooling plant alone provides AC everywhere. There is no external entity outside. This plant provides uniform cooling to all the towers and saves 30 percent on electricity bills.
There are hotels, club houses, affordable homes as well as residential ones. The water treatment plant is also unique. Drinking water can be taken from the tap in any premises of GIFT City.
All types of utility lines pass through the tunnels. The exhaust system has been placed in the tunnel. All water, cooling, wiring lines pass through the tunnel. If there is a fault in any service, the road does not have to be dug and the fault is caught.
A window on each floor of the building is connected to a tunnel in which organic and inorganic waste is separated. All the waste goes to the waste management plant and the organic waste is made into compost.
There are traditional financial businesses like banking, capital markets, insurance, etc. as well as fintech, aircraft leasing, global in-house centres, trade financing.