GIFT City News

Under the pact, Standard Chartered Bank IBU will act as the settlement bank for CCIL IFSC Limited's Foreign Exchange Settlement System (FCSS) at GIFT City.

GIFT City offers several tax benefits, including exemptions from securities transaction tax (STT), capital gains tax, and stamp duty. 

India INX, India's first international exchange based in the IFSC at GIFT City, was set up in January 2017.

India's government fully endorses a dramatic move by domestic exchanges to cut off data to global bourses, sources familiar with the matter said, seeing it as vital to lure foreign investments into the country from Singapore and other financial centres.

BSE's India International Exchange at GIFT city will go live for trading post the festival of 'Makar Sankranti' later this month, and will offer only derivative products for the first six months at least.

To strengthen technological capabilities to pursue new business opportunities, online shopping portal Infibeam Inc Ltd plans to set up tier-III cloud data centre at Gandhinagar.

The bourse, he said, had tied up with Deutche bourse to make it at the financial SEZ and to be global investor friendly.

Financial services major Reliance Capital plans to set up a global commodity exchange in International Finance Service Centre at GIFT City here, along with a host of other international business units.

Kotak said the bank will be tracking developments on the regulatory and taxation fronts in its effort to start operations from the GIFT City near Ahmedabad, which is the country's first IFC.

Finance Minister Arun Jaitley on Monday said state governments should emulate the concept of 'Gujarat International Finance Tec-City' and send their teams there to study the "success story" of the concept.

The regulations are aimed at creating a vibrant IFSC on the lines of those in Dubai and Singapore and check the flight of trading in rupee and Indian securities to such offshore financial hubs.

Putting high hopes on the India's first International Financial Services Centre(IFSC) at GIFT City here, insurance regulator IRDAI's chief T S Vijayan said it can make India a leading player in the multi-billion dollar re-insurance segment.

India's first International Financial Services Centre (IFSC) at GIFT City near here became operational on Friday and Finance Minister Arun Jaitley unveiled rules and regulations for this global financial hub.

Arun Jaitley is scheduled to unveil rules and regulations for the upcoming International Financial Services Centre (IFSC) at a conference to be held in Gandhinagar at Mahatma Mandir on Friday.

The game-changing norms are aimed at creating a vibrant IFSC within India on the lines of Dubai and Singapore, and also help check trading in Indian securities and rupee derivatives at offshore financial hubs.

Regulation for the International Financial Services Centres will be issued by the month end and the first such centre will be developed in the GIFT City in Gujarat, government said Friday.