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Reserve Bank of India, IFSCA likely to frame fresh norms for GIFT City

The finance minister has announced ways to make regulations and clearances for GIFT City streamlined

Photo: Bloomberg
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Photo: Bloomberg

Arup Roychoudhury New Delhi
The Reserve Bank of India (RBI) and the International Financial Services Centres Authority (IFSCA) are soon expected to come up with guidelines aimed at making IFSC GIFT City more competitive vis-à-vis other financial centres, such as London and Singapore, and relatively attractive as a platform for investment in India.

These guidelines, expected to be out in a month, will be for permitting acquisition financing by IFSC banking units of foreign banks and recognising offshore derivative instruments as valid contracts. These were some of the IFSC-related announcements made in the recent Union Budget by Finance Minister Nirmala Sitharaman.

She also announced amendments to

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First Published: Feb 17 2023 | 11:29 PM IST

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