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RBI to further internationalise Rupee and strengthen GIFT City OVERVIEW:   The Reserve Bank of India (RBI) has laid out an extensive plan to internationalise the Indian rupee (INR) and enhance the role of GIFT City in Gujarat as a global financial hub. These initiatives are designed to liberalise regulations for non-residents, facilitate bilateral trade […]

SEBI approves 100% NRI & OCI participation in FPIs in IFSC, GIFT City OVERVIEW: The Securities & Exchange Board of India (SEBI) has made a significant decision to allow Foreign Portfolio Investors (FPIs) based in the IFSC at GIFT City to accept up to 100% contributions from Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs),

GIFT City Outshines and becomes a Prime Choice for FPIs OVERVIEW: GIFT City (Gujarat International Finance Tec-City), India’s pioneering International Financial Services Centre (IFSC), is quickly emerging as the top destination for foreign portfolio investors (FPIs). FPIs are increasingly favoring GIFT City, India’s premier IFSC, over traditional investment routes through Mauritius, Singapore, and other countries.

Leading Banks set up GIFT City play buy stakes in CCIL IFSC OVERVIEW:   In a strategic move to expand its foothold within the Gujarat International Finance Tec City (GIFT City), the State Bank of India (SBI) has finalized the acquisition of a 6.125% stake in Clearing Corporation of India-IFSC Limited (CCIL IFSC).   Additionally,

SBI becomes trading-clearing member of IIBX OVERVIEW: State Bank of India (SBI) has made history by becoming the first bank to join the India International Bullion Exchange (IIBX) as a Trading cum Clearing (TCM) Member. SBI’s IFSC Banking Unit (IBU) can now trade on the IIBX platform, following RBI approval allowing IBUs to participate as

Foreign Funds can issue P-notes to Investors in GIFT City OVERVIEW:   Foreign funds registered with India’s markets regulator and with operations at GIFT City can now issue participatory notes. Previously, only banks registered with GIFT City could issue P-note. Now, foreign funds registered with Securities and Exchange Board of India (SEBI) and operating in

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