The Gujarat International Finance Tec-City ("GIFT City") is the first and only International Financial Services Centre (“IFSC”) currently operational in India and was operationalised by the Government in 2015. GIFT City is developed as a planned global financial and IT Services hub. It is a first of its kind in India, designed to be at par or above the globally benchmarked financial centres.
The core objectives of developing IFSC in GIFT CITY, SEZ are as under:
• To realize the vision of the Government of India to emerge as a major economic power by facilitating development of strong base of IFSC in the country.
• Facilitate the implementation of the Government’s strategy for the development of a financial hub in the South Asian sub-continent.
• Position the IFSC as a world-class zone for the long-term provision of office / service accommodation and high technological, economical and commercial infrastructure.
In order to achieve its ambition and to make GIFT City an international financial hub the Government has announced various fiscal incentives and regulatory relaxations to attract global financial institutions to operate from GIFT City.
We are pleased to share the whitepaper titled “GIFT City - International Financial Services Centre – Fiscal Incentives”, wherein we have tried to cover the background about GIFT City and IFSC, fiscal benefits provided to the units registered in GIFT City, regulatory aspects including the various regulatory relaxations provided under FEMA, Companies Act, and other incentives offered by the State Government.
We trust the publication would serve to provide valuable insights on the subject matter.