Page 7 - Gift City

PM Modi seeks to revive hinterland finance hub GIFT city with new breaks

Modi last weekend addressed an investment conference in the city to breathe life back into the site, calling for it to become a "new age financial services and technology nerve center"

Expecting direct listing of cos in GIFT City by April 2024: IFSCA chief

The industry players say that the new avenue will help startups and unlisted companies access global capital

LIC intends to set up office in GIFT City during this financial year

Life Insurance Corporation (LIC) is planning to open office in GIFT International Financial Services Centre Gandhinagar (Gujarat) during the current fiscal to further its overseas business. LIC's presence in the Gujarat International Finance Tec (GIFT) City-International Financial Services Centre (IFSC) will enable the company to expand its global business. "We are going to open our branch very soon in the GIFT City. It should happen during the current financial year itself. This will enhance our foreign operations," LIC Chairman Siddhartha Mohanty told PTI in an interview. He said LIC has presence in 14 countries through branch offices, subsidiaries and joint ventures. The Corporation directly operates through its branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and United Kingdom (Watford). Besides, it has subsidiaries in Life Insurance Corporation (International) Bahrain, Life Insurance Corporation (Nepal) Ltd, Life Insurance Corporation (Lanka) Ltd, Life Insur

GIFT City gears up for direct listings, re-insurance in next growth phase

The first phase followed the creation in 2020 of a new regulator, the International Financial Services Authority, which outlined an ambition to create a welcoming place

DSP AMC initiates ops in GIFT City; Union AMC launches Children's Fund

The new fund offering (NFO) will close for subscription on December 12, 2023 and will reopen for sale and repurchase within 5 business days from allotment

Two Japanese banks set to start operations in GIFT City: IFSCA chief

Two more Japanese banks are set to join 10 foreign and 16 local banks in the tax-free GIFT City, where more than 550 businesses with assets worth USD 47 billion have registered and begun operations, an official said.. This marks a significant expansion of the GIFT City's financial sector, which is expected to play a key role in India's economic growth, International Financial Services Centres Authority (IFSCA) chairman K Rajaraman said here. We also want Indian origin funds and businesses that are located in tax-free jurisdictions to return home and be part of the growing GIFT City hub, said Rajaraman, giving this update on the Ahmedabad-based city free trade zone, where ease of doing business procedures, processes and laws have become a benchmark for international standards. IFSCA is the regulatory body for the Indian special economic zones such as the GIFT City. Rajaraman said his recent delegation to Tokyo has resulted in two Japanese banks registering in the GIFT City, and more

Indian companies await more govt action on direct overseas listing

The move follows remarks made by the Finance Minister, Nirmala Sitharaman, in September on permitting Indian companies to undertake "direct foreign listings"

MCA enforces provision for foreign listing of Indian public companies

A public company, according to the Companies Act, is a company which, unlike a private company, does not restrict the transfer of shares

Unified regulator IFSCA like an agile startup: K Rajaraman at BFSI Summit

Chairman Rajaraman says banking and fund ecosystem at Gift City very robust

Non-residents, foreign cos without PAN can open bank a/cs in IFSC-Gift City

Non-residents and foreign companies opening bank accounts in IFSC Gift City will not have to furnish PAN and instead file a declaration. The non-resident or the foreign company opening a bank account at the International Financial Services Centres (IFSC) will have to file a declaration in Form 60 and should not have any tax liabilities in India. The Finance Ministry has amended Income Tax Rules exempting non-residents opening a bank account from the requirement of submitting PAN. 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 this relaxation will make it easy for foreign companies, NRIs and other non-residents to open a bank account with an IFSC bank. "It will boost the liability/deposits side as well as the retail business segment of a bank in IFSC," Gidwani said.

We're the go-to firm when it comes to mid-caps: Equirus MD Ajay Garg

'Equirus is well poised to have leadership in five broad business areas'

Air India completes acquisition of its 1st A350 aircraft through GIFT City

Air India on Friday said it has completed the acquisition of its first A350-900 aircraft by way of a finance lease transaction with HSBC through the GIFT City. This is also the first wide body aircraft to be leased through the GIFT City, the country's first International Financial Services Centre (IFSC). In a release, the airline said the transaction was facilitated by its wholly-owned subsidiary AI Fleet Services Ltd (AIFS) and is also the first financing transaction from the orders for 470 aircraft that were made earlier this year. Tata Group-owned Air India, which has embarked on an ambitious transformation plan, expects the first A350-900 aircraft to arrive in India by the end of this year. According to the release, the airline has successfully acquired India's first Airbus A350-900 aircraft through a finance lease transaction with HSBC. "This landmark transaction marks the beginning of our aircraft leasing business from GIFT IFSC, as AIFS will be the primary Air India Group .

All about family offices, transcribing apps: Top personal finance stories

Our pick of best stories this week explains why India's rich are flocking to GIFT City and what apps to use for transcribing audio files

Gift Nifty sets record single day trading of 3.86 mn contracts worth $15 bn

Gift Nifty index recorded an all-time high single day trading activity of 38.63 lakh contracts with a turnover of USD 15.25 billion (about Rs 1.27 lakh crore) on Tuesday. The index surpassed its previous record of a turnover of USD 12.98 billion touched on August 29, NSE IX said in a statement on Wednesday. Gift Nifty is a dollar-denominated futures contract based on the Nifty 50 index and is traded on the NSE IX, an international multi-assets exchange set up at GIFT City. Trading turnover on NSE IX has been growing since the commencement of a full-scale operation of Gift Nifty on July 3, 2023. Since the first day of full-scale operations, Gift Nifty has witnessed a total cumulative volume of over 4.59 million contracts with a total turnover of USD 178.54 billion. NSE IX offers a diversified portfolio of products, including Indian single stock derivatives, index derivatives, currency derivatives, depository receipts, commodity derivatives and global stocks.

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