Gandhinagar: With Sequel Logistics inaugurating their FTWZ Vault for precious commodities, bullion vaulting services have commenced in GIFT City, India’s only operational smart city and International Financial Services Centre (IFSC).
Sequel Logistics, a leading secure logistics company, commenced its state-of-the-art Precious Commodities Vault, for storage of gold and silver, at GIFT City’s multi-services Special Economic Zone (SEZ) in Gandhinagar, according to a press release here on Wednesday.
GIFT City Group CEO and Managing Director Tapan Ray “After witnessing significant participation from banking and financial services players, GIFT City will also become a key platform for the bullion trading ecosystem. With the announcement of regulations on international bullion exchange at GIFT City, we expect many big players in this segment to set up their base at GIFT City and take advantage of its world-class infrastructure.”
Sharad Jobanputra, Chairman and Managing Director, Sequel Logistics said: “Sequel’s highly secure Free Trade & Warehousing Zones (FTWZ) vault for precious commodities at GIFT City will help in providing a seamless, comprehensive and efficient storage and logistics solution to all the market participants, both in India and overseas.”
Foreign suppliers, Indian importers and banks, trading platforms like BSE, NSE, MCX, jewelry manufacturers, and retailers can now access this secure vault facility for importation, customs clearance, long-term storage, and quick delivery of bullion across India, he added.
The key benefits for Indian and international bullion market players to consider GIFT City for import and long-term storage for precious commodities are geographical proximity of the smart city to important manufacturing hubs. Better management of the inventory, deferred customs duty payment, long term storage insulated from duty fluctuation, duty exemption on re-export, and lower transaction cost are other benefits.
GIFT City is India’s first operational smart city and International Financial Services Centre (IFSC). It is an emerging global financial and IT services hub, a first of its kind in India, designed to be at or above par with globally-benchmarked business districts.
(VP)