Page 5 - Gift Ifsc
StanChart to be first foreign bank to launch ops at GIFT IFSC; may open branch this yr
The GIFT City Thursday said US-based Standard Chartered will be the first foreign bank to launch operations at International Financial Services Centre (IFSC). Standard Chartered has received in-principle regulatory approvals to set up its IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City), it said in a release. The US-based lender is expected to start operations at IFSC by the end of this year, a GIFT City spokesperson said. The government had envisaged GIFT IFSC as a hub to bring offshore financial transactions, and with the presence of Standard Chartered, the IFSC ecosystem of India will become more formidable now, said Tapan Ray, MD & Group CEO, GIFT City. "In addition, the announcements made in the recent Union Budget have provided the much needed impetus to take GIFT on a fast track mode. This would definitely incentivise more international financial intuitions to set up their base in GIFT City," he said. The recent Budget has laid a special ...
Irdai permits insurance firms to begin offshore business from GIFT IFSC
For export of services, insurance companies operating from IFSC are exempted from GST
 "Irdai permits insurance firms to begin offshore business from GIFT IFSC")
GIFT IFSC business grows by 400% in 6 months: MoS Finance Meghwal
Visiting the Gujarat International Finance Tec-City (GIFT City), Union Minister of State in Finance and Corporate Affairs, Government of India, and Chairman of the International Financial Services Centre (IFSC) Task Force, Arjun Ram Meghwal said that the project had seen business transactions rise by 400 per cent in six months. Meghwal had visited GIFT City to interact with the IFSC units and to understand the regulatory and business progress from the entities operating at GIFT IFSC. The IFSC transactions at GIFT City covering banking, insurance, and capital market services have increased 400 per cent from US $ 1 billion to US $ 4 billion in last six months. While IFSC units (IBUs) of the Banks have done business worth US $ 3 billion, insurance companies have clocked in USD $ 1 billion worth transactions. Bombay Stock Exchange's (BSE) International stock exchange within GIFT IFSC has seen single day trading of around $100 million. In addition, 13 new units have recently received ...
 "GIFT IFSC business grows by 400% in 6 months: MoS Finance Meghwal")
Biz GIFT-IFSC crosses $2 bn; to create 1 mn jobs by 2025
BSE is already in operation and is generating an average turnover of $2 million