Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitaraman 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 today 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.

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.

INR-USD Futures and Options launched at GIFT-IFSC to enable extended-hours global trading and boost cross-border participation. Launch of INR-USD Futures and Options on India INX and NSE-IFSC at GIFT-IFSC creates extended-hours offshore trading access for global participants, aiming to repatriate derivatives business, increase trading volumes, and enhance economic activity and employment through GIFT-IFSC's competitive business and tax environment.