International Financial Services Centre (IFSC):
GIFT IFSC aspires to become India’s gateway for inbound and outbound requirements of the international financial services. It aims to attract the top talent in the country by providing the finest quality of life.
Government of India operationalized International Financial Services Centre (IFSC) at GIFT Multi Services SEZ in April 2015. The Union Budget 2016 provided competitive tax regime for the International Financial Services Centre at GIFT SEZ. It is the vision of the Hon’ble Prime Minister that GIFT SEZ International Financial Services Centre emerges as a hub for international financial services activities.
Ministry of Finance, Government of India provided new initiative for undertaking international financial services business in India. The regulators namely Reserve Bank of India (RBI), Securities & Exchange Board of India (SEBI), Insurance Regulatory & Development Authority of India (IRDAI) issued regulations allowing Indian and foreign institutions to open their office in the IFSC.
Key Announcements:
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IFSC Regulations announced in April 2015
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Competitive Tax Regime introduced in June 2016
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Company Law exemptions provided in January 2017
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International Dispute Resolution Mechanism through Singapore International Arbitration Centre office at GIFT in August 2017
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Announcement of Setting up of Unified Authority for IFSC in February 2018
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Establishment of Unified regulator in IFSC thru IFSC Authority Act 2019
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Setting up of International bullion Exchange in IFSC announced in Budget 2020
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Bullion as Financial Services product announcement on August 31 2020