Project ACE Blueprint Takes Effect

The reforms stem from "Project ACE" (Activating Commodity Trading Ecosystem), initiated in May 2024 under an expert committee chaired by former Commerce Secretary Rajeev Kher. The committee's report, submitted in August 2025, recommended extending tax holidays from 10 to 25 years and granting GIFT-IFSC units "non-resident" status under foreign exchange rules. This exempts them from Reserve Bank of India restrictions such as the nine-month transaction completion window for merchanting trade.

Multi Commodity Exchange is expected to benefit significantly through increased international participation in its IFSC-based exchange. The Adani Group incorporated ATSOL Global IFSC Limited in December 2025 as a global treasury center, while Reliance Industries, with extensive oil and gas trading operations in Dubai and Singapore, stands to gain from proposed tax incentives.

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