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FM Nirmala Sitaraman launches INR-USD F&O contracts on BSE's India INX & NSE's NSE-IFSC at GIFT

FM Nirmala Sitaraman launches INR-USD F&O contracts on BSEs India INX & NSEs NSE-IFSC at GIFT
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Finance Minister Nirmala Sitaraman (Photo/Twitter)
Highlights

Finance Minister Nirmala Sitaraman has launched INR-USD (Rupee-Dollar) Futures and Options (F&O) contracts on the two International Exchanges, BSE's India INX and NSE's NSE-IFSC.

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Finance Minister Nirmala Sitaraman has launched INR-USD (Rupee-Dollar) Futures and Options (F&O) contracts on the two International Exchanges, BSE's India INX and NSE's NSE-IFSC. The INR-USD contracts were launched at GIFT International Financial Services Centre in Gandhinagar on Friday 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 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.

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.

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