Nirmala Sitharaman launches INR-USD futures and options contracts on BSE, NSE; economic activity, employment to rise

New Delhi: Finance Minister Nirmala Sitaraman on Friday launched INR-USD futures and options contracts on the two international exchanges BSE’s India INX and NSE’s NSE-IFSC at GIFT International Financial Services Centre in Gandhinagar through video conference.

FM Nirmala Sitharaman launches INR-USD Derivatives Contracts pic.twitter.com/OSRM9dX6Kp

— CNBC-TV18 (@CNBCTV18Live) May 8, 2020

Over the last decade or so, a significant market share in financial services related to India has moved to other international financial centres. [caption id=“attachment_8022661” align=“alignleft” width=“380”] File image of Union Minister for Finance and Corporate Affairs Nirmala Sitharaman. PTI[/caption] 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, according to an official statement. 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.