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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

New Shipping Firm planned to expand fleet in next decade OVERVIEW: The Indian government is set to launch a new shipping company with the ambitious goal of expanding its maritime fleet by 1,000 ships within the next ten years. This initiative aims to enhance India’s maritime capabilities, reduce reliance on foreign vessels, and position the

IFSCA (BATF) Regulations, 2024 OVERVIEW:   On June 6, 2024 the International Financial Services Centres Authority notified the International Financial Services Centres Authority (Book- keeping, Accounting, Taxation and Financial Crime Compliance Services Regulations, 2024. The regulations aim to establish a regulatory framework for developing, registering, and operating Book- Keeping, Accounting, Taxation and Financial Crime Compliance

Bank of India Acquires 6.1% Stake in CCIL IFSC OVERVIEW: The Bank of India (BoI) acquired a 6.125% stake in the Clearing Corporation of India Ltd. (IFSC). This move reflects BoI’s commitment to strengthening its presence in GIFT City, India’s international financial services centre. TRANSACTIONAL DETAILS: Stake Acquired: Bank of India purchased a 6.125% equity

Clarifications on Broker Dealer Global Access and Fees issued by IFSCA OVERVIEW: The International Financial Service Centres Authority (IFSCA) has released a significant circular concerning clarification regarding global access for broker dealers and the associated fees. Issued on June 06, 2024 this circular talks about the clarifications provided by the IFSCA to ensure that broker