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Business EconomyPosted at: Nov 20 2021 8:07PM


Sitharaman approves Rs 469 cr proposals of IFSCA in boost to GIFT city

New Delhi, Nov 20 (UNI) Underlining the government's commitment to make Gujarat International Finance Tec-City (GIFT city) a fintech hub, Union Finance Minister Nirmala Sitharaman on Saturday approved two proposals of International Financial Services Centres Authority (IFSCA) worth Rs 469 crore.
As per the Finance Ministry, the one proposal of Rs 269.05 crore is for supervisory technology fund for IT infrastructure, while the other worth Rs 200 crore is for IFSCA's headquarter building.
"Union Finance Minister Nirmala Sitharaman underlined the Government of India's commitment to make GIFT City a world class fintech hub as stated in the Union Budget 2021-22," the Finance Ministry said.
The Union budget's IFSC-related measures include tax holiday for capital gains for aircraft leasing companies, tax exemption for aircraft lease rentals paid to foreign lessors, tax incentive for relocating foreign funds in IFSC and exemption to investment divisions of foreign banks.
Sitharaman flew today to Gandhinagar for a one-day review of GIFT city, India's first International Financial Services Centre (IFSC).
During the meeting chaired by the Finance Minister, officials of GIFT City made a presentation.
The presentation emphasised on how the GIFT-IFSC is especially targeted towards companies in offshore banking, capital markets, offshore asset management, offshore insurance, IT services, BPO and ancillary services sectors.
It was noted during the presentation that GIFT-IFSC is rapidly emerging as a vibrant hub for novel and innovative activities such as aircraft leasing and fintech.
GIFT city is an integrated city built on 856 acres of land which includes office spaces, residential apartments, schools, hospitals, hotels, clubs, retail and various recreational facilities.
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