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Internet Banking Services of IFSC Banking Units in GIFT City OVERVIEW:   International Financial Services Centres Authority (IFSCA) has taken a significant stride towards enhancing banking services within International Financial Services Centres (IFSCs). With its recent circular dated April 22, 2024, IFSCA has underscored the imperative for IFSC Banking Units (IBUs) to offer robust internet […]

Import of Gold and Silver by Indian Bank through IIBX OVERVIEW:   In a recent move for the import process of gold and silver into India, the International Financial Service Centres Authority (IFSCA) issued a circular on April 19, 2024. The circular extends permission to Indian banks, authorized by the Reserve Bank of India (RBI),

Adani invests Rs. 1,689 Cr for Ship Leasing Business in IFSC GIFT City OVERVIEW: Adani Ports and Special Economic Zone Ltd (APSEZ) has proposed a significant investment of Rs.1,689 crore for the establishment of Poseidon Leasing IFSC Ltd, a step down subsidiary company, to operate within the GIFT SEZ.   This strategic move marks their

IFSC (Payment Services)(Amendment) Regulations, 2024 OVERVIEW:   The International Financial Services Centres Authority (IFSCA) has issued an important notification regarding the amendment of the International Financial Services Centres Authority (Payment Services) (Amendment) Regulations, 2024. The amendment regulations are effective from April 2, 20224, upon their publication in the Official Gazette. This amendment introduces changes to

Simplifying the Launching of Schemes or Funds in IFSC, GIFT City OVERVIEW:    The International Financial Services Centres Authority (IFSCA) has taken significant steps to simplify Scheme/Fund launches for the fund management ecosystem in the IFSC, GIFT City. IFSCA has issued a circular dated April 5, 2024, on “Ease of doing business – Filing of

Allianz Partners Launches Operations at IFSC, GIFT City OVERVIEW:   France based Allianz Partners announced the launch of its IFSC Insurance Office (IIO Reinsurance Branch) in International Financial Services Centre (IFSC) GIFT City, Gandhinagar. The company has become the first foreign reinsurer to open its office at IFSC, marking a significant milestone in its strategic

Foreign Brokers allowed to operate remotely in IFSC, GIFT City OVERVIEW-   The International Financial Services Centres Authority (IFSCA) has recently issued a significant circular regarding Remote Trading Participants (RTP) on Stock Exchanges within the International Financial Services Centre (IFSC). This circular aims to enhance market participation and liquidity by allowing foreign entities to trade

Amendment to the IFSCA (Vault Manager) Circular, 2021 OVERVIEW-   The International Financial Services Centers Authority (IFSCA) has issued a circular announcing amendments to the guidelines for Vault Managers operating within International Financial Services Centres (IFSCs). The circular modifies certain clauses of the IFSCA (Vault Manager) Circular, 2021, originally issued on August 25, 2021.   

ADB approves $ 23 million loan to boost GIFT City OVERVIEW-   The Asian Development Bank (ADB) has sanctioned a USD 23 million loan with the Gujrat International Finance Tec-City (GIFT) in India.  According to ADB, Gujarat International Finance Tec-City (GIFT), a state-owned enterprise, serves as a cornerstone for nurturing fintech ecosystems and financial services

DGCA proposes amending “Civil Aviation Requirement” for aircraft registration and de-registration OVERVIEW-   Recently, The Directorate General of Civil Aviation (DGCA) released a draft related to amend certain Civil Aviation Requirement (CAR) for aircrafts in GIFT City. The DGCA is proposing to amend its Civil Aviation Requirements dealing with registration and de-registration of aircraft to