SME Times is powered by   
Search News
Just in:   • Sensex, Nifty settle 1% low; US Fed's policy guidance weighs  • Asian markets tumble to 15 month lows  • Liquor manufacturers asks Kerala Govt to tweak commision conditions  • With Air India on-board, Tatas emerge as major aviation players  • Budget 22: Capex likely to focus on jobs creation, PLI expansion 
Last updated: 20 Nov, 2021  

Nirmala Sitharaman THMB Wish to make GIFT city a global financial gateway: FM

Nirmala Sitharaman
   Top Stories
» Budget 22: Capex likely to focus on jobs creation, PLI expansion
» Boost to disposable incomes via tax cuts will spur demand for consumer durables
» Incentivise investments in healthcare sector: Pre-Budget survey
» Experts exhort Centre to regulate crypto trades
» Rajpath brims over with patriotic fervour as India celebrates R-Day
SME Times News Bureau | 20 Nov, 2021
Union Finance Minister Nirmala Sitharaman on Saturday said that the Centre wants to make GIFT-IFSC city in Gujarat a global financial gateway.

Gujarat International Finance Tec-City is a business district in the state of Gujarat.

Sitharaman led a delegation which included two Ministers of State for Finance and Secretaries from the Ministry of Finance and Ministry of Corporate Affairs to GIFT City.

During her visit, she announced that Department of Economic Affairs has just last week approved three key proposals for International Financial Services Centre Authority (IFSCA) worth Rs 500 crore.

"The first was the proposal of Rs 200 crore for a Head Quarter Building for IFSCA which has Rs 100 crore as Grant in Aid and the remaining Rs 100 crore as loan from the government. The second was the proposal of Rs 269.05 crore for development of IT infrastructure of IFSCA and the third was the IFSCA FinTech Scheme of Rs 45.75 crore," an official communique said.

Besides, the minister said that the bullion exchange is expected to "come into play soon" for which all the necessary infrastructure inclusive of safe vault facilities are built and are operational.

This bullion exchange, once launched, will be a big game changer for India, she added.

In addition, she also urged the government of Gujarat to explore options to facilitate leading startups to operate outside the IFSC but within the GIFT City so that the ecosystem which is necessary for global financial hub can be created.
Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 27 Jan, 2022
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter