By: Palak Shah
FM Sitharaman had made way for the controversial derivative instruments to re-enter India's stock market in Budget 2023. In Budget 2024, she extended the timeline for banks to set-up an arm to issue P-Notes up to March 2025. It is a gimmick to make GIFT City popular among foreign investors and make them avoid using tax havens like Singapore and Mauritius to invest in India. At its peak, P-Notes accounted for nearly rs 4 lakh crore ($40 Billion) worth investments in India