Page 18 - Bullion world volume 4 issue 6 june 2024

Bullion World | Volume 4 | Issue 6 | June 2024

GIFT-IFSC: An Emerging Hub

of Bullion Market and Potential

Collaborations with the ASEAN

Mr Ramakrishnan Padmanabhan,
General Manager at Department of Metals and Commodities, IFSCA

Introduction
India stands out as one of the world's fastest-growing
large economies, poised to claim the spot as the
third-largest global economy in the coming years.
The trajectory of India's economic ascent leaves little
doubt about the inevitability of this transition. Amidst a
challenging global growth landscape, India shines as
a beacon of promise and bright spot, with all sectors
poised to contribute to its growth story.

About GIFT-IFSC – India’s first and only
International Financial Services Centre
In April 2015, the Government of India launched an
initiative to establish an International Financial Services
Centre (IFSC) within the Gujarat International Finance
Tec-City (GIFT City), a designated Special Economic
Zone (SEZ). This endeavor aimed to harness India's
potential in the global financial services sector. GIFT- Mr Ramakrishnan Padmanabhan
IFSC serves as a strategic hub for facilitating efficient
inbound and outbound foreign currency transactions.

development and regulation of financial products,
GIFT City comprises both a Multi-Service SEZ and a services, and institutions within India's offshore
Domestic Tariff Area (DTA). This Smart City is positioned International Financial Services Centre (IFSC), IFSCA
on the banks of the Sabarmati River, GIFT City assumes a pivotal role in overseeing this burgeoning
strategically links Gujarat's business hub (Ahmedabad) sector.
with its political capital (Gandhinagar), boasting
seamless internal transport connectivity and proximity GIFT-IFSC stands as India's first offshore international
to Ahmedabad International Airport, located just 20 financial services center, previously under the oversight
kilometers away. of domestic financial regulators including RBI, SEBI,
PFRDA, and IRDAI. Recognizing the inherent complexity
International Financial Services Centres Authority – and the imperative for seamless inter-regulatory
The Unified Regulator for GIFT-IFSC coordination within IFSC operations, the establishment
Established on April 27, 2020, under the International of IFSCA heralds a paradigm shift towards a unified
Financial Services Centres Authority Act, 2019, the regulatory framework. This holistic approach is geared
International Financial Services Centres Authority towards enhancing the ease of conducting business
(IFSCA) is headquartered at GIFT City, Gandhinagar, within IFSC while fostering a globally competitive
Gujarat. Serving as the unified authority for the regulatory environment.

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