PM Modi To Visit GIFT City In Gujarat On July 29, Launch India International Bullion Exchange

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PM Modi To Visit GIFT City To Launch India International Bullion Exchange

| Updated: July 25, 2022 20:33

Prime Minister Narendra Modi will visit Gujarat International Finance Tech-City (Gift City), India’s first International Financial Services Center (IFSC) on July 29, 2022, at Gift City, Gandhinagar. Meanwhile, PM Modi will lay the foundation stone of the main building of the “International Financial Services Center Authority”. PM Modi will also inaugurate India’s first international bullion exchange, the India International Bullion Exchange (IIBX), at GIFT-IFSC. Other significant announcements will also be made during the Prime Minister’s visit.

Union Home and Cooperation Minister Amit Shah, Gujarat Chief Minister Bhupendra Patel, Union Finance and Corporate Affairs Minister Nirmala Sitharaman, Gujarat Finance and Energy Minister Kanubhai Desai, Union Minister of State for Finance Bhagwat Kishanrao Karad and Pankaj Chaudhary will also participate in this event.

The IIBX is India’s first International Bullion Exchange. Under NSE IFSC-SGX Connect, all orders on NIFTY derivatives placed by Singapore Exchange Limited (SGX) members are routed to and matched on the NSE-IFSC order matching and trading platform. This platform will increase liquidity in the GIFT-derivative IFSC’s markets, attracting more international participants and having a positive impact on the GIFT-financial IFSC’s ecosystem.

According to an official release issued on Monday, the IFSCA headquarters was designed to be an iconic structure that reflects the growing prominence and stature of GIFT-IFSC as a leading international financial centre. PM Modi’s launches were previously planned for July 15 but were pushed back due to heavy rains in Gujarat.

PM Modi is scheduled to visit Sabar Dairy in Himmatnagar in north Gujarat the previous day (July 28).

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