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New Dispute Resolution Framework proposed by Expert Panel for GIFT IFSC OVERVIEW: An expert panel set up for drafting rules for an international arbitration centre at GIFT City has sought changes to arbitration and mediation laws to ensure swifter out-of-court dispute resolution in the country’s first IFSC. Their responsibilities include outlining the regulatory structure and […]

Variable Capital Company Structure proposal to enhance IFSC GIFT City OVERVIEW:   The Union Budget 2024-25 introduces provisions to enable Variable Capital Company (VCC) structures in India, particularly in the GIFT IFSC. In the context of budget, approval will be sought to establish an efficient and flexible method for financing the leasing of aircraft and

Key Highlights of Budget 2024 for IFSC GIFT City  OVERVIEW: The Indian Budget presented on 23 July 2024 has brought forth a series of significant tax announcement aimed at bolstering the status of GIFT City as a premier global financial hub. These announcements introduce entended tax benefits, enhanced deductibility and new regimes designed to attract

SEBI allows Credit & ESG rating agencies to operate in IFSC GIFT City OVERVIEW: The Securities and Exchange Board of India (SEBI) has recently made a strategic move to invigorate the financial ecosystem within the International Financial Services Centres Authority (IFSCA) framework. Through a recently issued circular, SEBI has taken a two-pronged approach, simultaneously enabling

RBI allows resident Indians to open Foreign Currency Accounts in GIFT IFSC OVERVIEW: In a new development country’s central bank, the Reserve Bank of India has extended its purview of remittances to the International Financial Services centres(IFSC). The RBI widened the scope of the Liberalised Remittance Scheme (LRS) by allowing residents to open foreign currency

Clarification on Bullion imports through India International Bullion Exchange (IIBX) at GIFT City OVERVIEW: On June 9, 2024, the India International Bullion Exchange (IIBX) issued a new circular detailing significant updates regarding bullion imports. This press release aims to provide a clear and comprehensive update on IIBX operations and regulations. IIBX OPERATIONS: The India International

SEBI Allows 100% NRI Investment in FPIs at GIFT City OVERVIEW:  SEBI, the Securities and Exchange Board of India, recently announced a significant policy change regarding Foreign Portfolio Investors (FPIs) operating out of the Gujarat International Finance Tec-City (GIFT IFSC) SEBI has permitted FPIs based out of GIFT IFSC to aggregate up to 100% of

Gujarat Government Partners with IBM and Microsoft to Launch AI Hub in GIFT City OVERVIEW:    The Gujarat government is making a strategic move towards becoming a frontrunner in Artificial Intelligence (AI). The Gujarat government’s Department of Science and Technology signed memorandums of understanding (MoUs) with both IBM and Microsoft. This collaboration aims to establish

IREDA Launches GIFT City Office to Accelerate Green Energy Projects OVERVIEW The Indian Renewable Energy Development Agency(IREDA) has set up an office in Gujarat International Finance Tec-City (GIFT City) to provide foreign currency- denominated debt financing for green hydrogen and renewable energy manufacturing projects. IREDA’s GIFT City office will specialize in offering debt options in

Global law firm Dentons Link Legal sets up shop at GIFT City OVERVIEW: Dentons Link Legal, a prominent global corporate and commercial law firm, has unveiled a new office in Gujarat International Finance Tec- City (GIFT City), Gandhinagar, Gujarat. This strategic move marks Dentons Link Legal as the first global law firm to set foot