Page 11 - Gift City

Ambuja Cements incorporates three new subsidiaries to boost business

The three subsidiaries are-Lotis IFSC Private Limited, Ambuja Concrete North Private Limited and Ambuja Concrete West Private Limited

Australian University of Wollongong to start GIFT City campus by July 2024

Gujarat International Finance Tec-City (GIFT City) provides a unique opportunity to develop an ecosystem for finance and business school, University of Wollongong (UOW) Australia Vice Chancellor and President Patricia Davidson said here on Monday. The university, which plans to start its campus at the GIFT City by July next year, unveiled its UOW India identity. "I think GIFT City really provides a unique opportunity. Probably, you know, if you are trying to develop an environment or an ecosystem for finance and business school, you could not think of a more supportive and enabling environment than GIFT City," Davidson told reporters. "I think this would be a big differentiator, and we are really hoping that we can get many students from Australia and other campuses to come here and study at GIFT City," she added. The university's global brand ambassador and cricketer Adam Gilchrist was also present on the occasion. UOW and Deakin University are the two Australian universities to g

Govt exempts investment trusts, ETFs from capital gains tax in GIFT City

The government has exempted units of investment trusts and ETFs issued by entities based in GIFT City or traded in exchanges there from capital gains tax. The Central Board of Direct Taxes (CBDT) notified the exemption from capital gains tax any unit of investment trust; a unit of a scheme; and a unit of an Exchange Traded Fund (ETF) launched under the International Financial Services Centres Authority (Fund Management) Regulations, 2022. Gujarat International Finance Tec-City (GIFT)-IFSC is being promoted as a tax-neutral enclave for the financial sector. Nangia Andersen LLP Partner-Financial Services Sunil Gidwani said currently, the law provides for exemption from capital gains tax on various securities either trading on the stock exchanges in GIFT city or securities issued by entities set up in GIFT city. "The new fund regime provides for funds to be set up as investment trusts, and hence, the law required the inclusion of units issued by such trusts for the purpose of exemptio

Top headlines: KKR to invest in Reliance Retail, gains for rail, infra cos

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Saudi Arabia plans sovereign wealth fund office in Gujarat's GIFT City

India and Saudi Arabia signs 53 MoUs worth $3.5 bn

Saudi Arabia to consider Sovereign Wealth Fund office in India's GIFT City

Saudi Arabia will consider setting up an office of its Sovereign Wealth Fund in India's Gujarat International Finance Tec-City (GIFT) in the west

Direct listings of firms at GIFT City by end of this year: IFSCA Chairman

Rajaraman says norms to be notified soon; Regulator also mulling on a new payments system regulation

NSE-BSE IFSC units may file merger plea before NCLT by September-end

Insiders suggest the possibility of an all-share amalgamation of arch rivals

Top headlines: Car sales zoom to new high in Aug, India set for Aditya-L1

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Narayana Murthy, Azim Premji to set up family investment fund at GIFT City

However, a source close to the development said that the application is still in the regulatory stage.

IFSCA looks to clear decks for startups' direct listing at GIFT City

Mulls steps to ease setting up holdcos, Spacs

Total banking transactions at GIFT IFSC reach $508 bn by July 2023

Total banking transactions at GIFT International Financial Services Centre (IFSC) here reached USD 508 billion till July 2023, an official said on Tuesday. GIFT IFSC Executive Director Dipesh Shah said that till July 2023, the total banking asset size at GIFT IFSC stood at USD 41.20 billion, and cumulative derivative transactions booked by banks were worth USD 632 billion. There were a total of over 545 IFSCA registered entities at GIFT IFSC till July 2023, including 25 aircraft and shipping entities, and monthly turnover on the IFSC international stock exchange in July 2023 was USD 60.33 billion. Total commitments made to alternative investment funds till July 2023 was at USD 17.8 billion, he said. Shah said that as of date, over 5,000 employees worked at GIFT IFSC zone, and a proposal was received from a single company interested to employ 5,000 people in its GIFT IFSC unit. "These are the types of proposals we are discussing in terms of financial centre growth in coming years,"

Framework in works to make GIFT City global hub for accounting: Sitharaman

Union Finance Minister Nirmala Sitharaman on Saturday said a comprehensive legal framework will soon be in place to enable accounting, auditing and taxation professionals to provide services from GIFT City, turning it into a global hub for accounting and financial back-office functions. Chairing a review meeting on the growth and development of GIFT-IFSC at Gujarat International Finance Tec-City (GIFT City), Sitharaman also emphasised using the maximum potential of the Indian International Bullion Exchange IFSC (IIBX) -- launched here in 2022 -- in ensuring disintermediation and efficient price discovery. She asked the Reserve Bank of India to pilot the import of tariff rate quota (TRQ) gold under the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates through IIBX to pave the way for Indian banks efficiently using the IIBX platform, an official release stated. The Union minister exhorted both the International Financial Services Centres Authority (IFSC

HDFC's life insurance, mutual fund arms to start operations from Gift City

HDFC Life International will cater to NRIs and the global Indian diaspora, and the products Savings, Health and Retirement

Exim Bank launches Finserve at GIFT City to offer trade finance products

Exim Bank on Tuesday said it has launched subsidiary Exim Finserve at the Gujarat International Financial Tec-City (GIFT City) to offer a comprehensive range of trade finance products to Indian exporters. Exim Finserve will provide a combination of three essential services to exporters: receivables financing, coverage of the risk of non-payment and management of accounts receivable, Exim Bank said in a release. Exim Finserve, or India Exim Finserve IFSC Private Limited, will extend a range of trade finance products to Indian exporters, with a primary focus on export factoring, it said. "This would lead to improved cash flow and reduced payment risk for exporters, enabling them to confidently explore new markets and seize growth opportunities. "The factoring services would be particularly beneficial for MSME exporters as it is primarily based on the quality of accounts receivable, rather than collateral," stated the release. The subsidiary of Exim Bank was announced in the Union Bu

Indian Banks' Association constitutes sectoral committee in GIFT City

The Indian Banks' Association (IBA) has constituted a sectoral committee for member banks operating within the Gujarat International Finance Tec-City (GIFT City), the association said on Tuesday. The inaugural meeting of the committee took place in GIFT City on Tuesday. IBA has constituted the Sectoral Committee to address the unique regulatory landscape and challenges faced by banks operating within GIFT City. The committee will act as a bridge between the banking industry and regulators, ensuring that concerns and perspectives are effectively communicated and addressed, a release said. GIFT City currently accommodates 26 banks. Earlier, banks individually took up issues faced by them with the International Financial Services Centre Authority (IFSCA). The establishment of the Sectoral Committee is a pivotal step towards streamlining concerns common to all banks within GIFT City. Sunil Mehta, Chief Executive of IBA, said, the regulatory framework for banks within GIFT City differs

At a crossroads: Finance, tech hub GIFT City looks for a new present

The concept is really of a tri-city--Gandhinagar and Ahmedabad on two sides of the GIFT City-almost merging the old and the new

Gift Nifty derivatives hits record single-day turnover of $8.5 billion

The erstwhile SGX Nifty contracts, which were being traded at the Singapore Exchange (SGX), have been transitioned to India's maiden International Financial Services Centre-GIFT City

Bank of India opens GIFT City branch, aims $1 bn biz by March 2024

State-owned Bank of India on Wednesday opened its branch in the GIFT City Special Economic Zone in Gandhinagar and expects to achieve a USD 1-billion business through it by March 2024, a senior official said. Bank of India also aims to touch a business of USD 4 billion with equal distributions of advances and deposits in the subsequent three years by March 2027 through its IFSC banking unit at GIFT City, its Managing Director and CEO Rajneesh Karnatak said. Bank of India already has its presence in 15 foreign countries through 21 branches and four subsidiaries, a joint venture and a representative office. Through its GIFT City branch it will provide a range of global banking solutions to the clients, he said. "We are expecting a USD 1 billion (Rs 8,227.35 crore) business by March 2024, out of which USD 500 million will be on deposit side and USD 500 million on advances side. In the subsequent three years, we plan to touch a figure of USD 4 billion with equal distributions of advance

TMS Ep470: GST, Gift City, mid & small-cap stocks, Cape Town Convention

What are the changes that GST needs? What does Google's fintech hub mean for Gift City? Is it time to sell mid, small-cap stocks? What is Cape Town Convention Bill? All answers here