FM Nirmala Sitaraman launches INR-USD F&O contracts on BSE's India INX & NSE's NSE-IFSC at GIFT
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.
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.
(1/2) Finance Minister Smt. @nsitharaman launches INR-USD Futures and Options contracts on the two International Exchanges, viz BSE's India INX and NSE's NSE-IFSC, at GIFT IFSC, Gandhinagar, Gujarat today through video conference.@nsitharamanoffc @BSEIndia @NSEIndia @PIB_India pic.twitter.com/gWSAmNKOn1— Ministry of Finance 🇮🇳 #StayHome #StaySafe (@FinMinIndia) May 8, 2020
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.