FinMin launches INR - USD Futures and Options contracts at GIFT-IFSC

New Delhi, May 8: Finance Minister Nirmala Sitaraman on Friday launched INR-USD Futures and Options contracts on the two International Exchanges, viz BSE’s India INX and NSE’s NSE-IFSC, at GIFT International Financial Services Centre at Gandhinagar through video conference.

 

 

Over the last decade or so a significant market share in financial services related to India has moved to other international financial centres. Bringing this business to India is clearly beneficial in terms of economic activity and employment gains for India. "The launch of INR-USD contracts at the exchanges in GIFT-IFSC is a step in this direction. This will be available 22 hours across all time zones for all global participants from GIFT IFSC", the statement read.

Given the world class business environment and competitive tax regime at GIFT-IFSC, it is expected that trading of INR-USD contracts may bring volumes to India. This would also bring larger global participation in India through IFSC and connect India’s IFSC globally, it added. This is exactly a week after Prime Minister Narendra Modi decided to locate the newly created International Financial Services Centre (IFSC) Authority in Gandhinagar, it being the only functional IFSC today.