Prime Minister Narendra Modi's dream project -GIFT city -(Gujarat International FinanceTec City) at Gandhinagar, which he nurtured in his previous role as Gujarat CM has now officially been given India's first International Financial Service Centre (IFSC) which will put it at par with Singapore and Dubai in prospects for development of the financial service industry. Union Finance Minister Arun Jaitley will make a formal announcement of this along with several much awaited tax sops on April 10 during a special function at Mahatma Mandir in Gandhinagar.
The GIFT city project -which was in the doldrums for the last three years and failed to grab international attention as envisioned due to complex regulations of financial operations by the Reserve Bank of India (RBI), SEBI (Securities and Exchanges Board of India), IRDA (Insurance Regulatory and Development Authority of India) -will now be able to attract major international players to the IFSC as the all three national agencies have cleared the complex regulatory framework.Moreover, the Ministry of Finance and Ministry of Commerce and Industry also accepted the Gujarat government's demand for special tax incentives for companies coming to GIFT city.
Ramakant Jha, managing director & group CEO of GIFT said: “The project has got all regulatory clearances from RBI, SEBI, IRDA, Ministry of Finance and Ministry of Commerce and Industry for the International Financial Service Centre (IFSC). Union finance minister Arun Jaitely will formally announce this on April 10.He may announce the new tax incentives as well as key Alternative Dispute Redressal Forums (ADRF) for disputes arising for companies coming to GIFT city. This will be the most important turning point in the project life.“
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