Piyush Goyal Reviews Functioning Of GIFT Special Economic Zone

Commerce and Industry Minister Piyush Goyal on Monday reviewed the functioning of the Gujarat-based GIFT special economic zone.
     
Gujarat International Finance Tech-city (GIFT) special economic zone is India's first International Financial Services Centre (IFSC). It is being developed as a global financial services hub.
     
It was operationalised by the central government in April 2015.
     
"Held a fruitful interaction with industry representatives at GIFT City. Discussed benefits of setting up units here," Goyal said in a tweet.
     
The minister also held interactions at the International Bullion Exchange (IIBX) in GIFT City to understand issues with respect to trading of gold; operationalising the gold spot exchange and reducing the cost of gold metal loans for jewellery exporters through the GIFT IFSC.
     
"Urged representatives of Jewellery sector to discover competitive prices for gold through IIBX," he said.
     
The minister issued directions to improve the trading of gold on the IIBX, including enabling the utilisation of the TRQ (Tariff Rate Quota) on gold obtained in the trade pact with the UAE.