{"id":122341,"date":"2017-04-12T13:14:09","date_gmt":"2017-04-12T07:44:09","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=122341"},"modified":"2017-04-12T13:14:10","modified_gmt":"2017-04-12T07:44:10","slug":"first-international-financial-services-centre-set-up-at-gujarat-international-finance-tec-city-gift-gandhinagar","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/12\/first-international-financial-services-centre-set-up-at-gujarat-international-finance-tec-city-gift-gandhinagar\/","title":{"rendered":"First International Financial Services Centre set up at Gujarat International Finance Tec-City (GIFT), Gandhinagar"},"content":{"rendered":"<p style=\"text-align: justify;\">Section 18 of the Special Economic Zones Act, 2005 provides for the setting up of an International Financial Services Centre (IFSC) in a Special Economic Zone (SEZ). Subsequent to the approval received under the Act, the country\u2019s first International Financial Services Centre (IFSC) has become operational at the Gujarat International Finance Tec-City (GIFT), Gandhinagar.<\/p>\n<p style=\"text-align: justify;\">With a view to facilitate setting up of international financial centre in India, the following tax benefits were announced in Union Budget 2016-17:<\/p>\n<ul style=\"text-align: justify;\">\n<li>The companies located in international financial services centre shall not be liable to dividend distribution tax.<\/li>\n<li>Minimum Alternate Tax shall be charged at the rate of nine per cent from units located in international financial services centre.<\/li>\n<li>The transaction in foreign currency of sale of equity share or units of equity oriented funds or units of a business trust taking place on a recognized stock exchange established in international financial services centre shall not be liable to securities transaction tax. It is also proposed that the gains arising from transfer of such long term capital asset shall be exempt from tax.<\/li>\n<li>The transaction in foreign currency of sale of commodity derivatives taking place on a recognized association established in international financial services centre shall not be liable to commodity transaction tax.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Apart from the above, financial concessions prevailing at the moment as per the Special Economic Zones Act, 2005 and the Special Economic Zones Rules, 2006 will be applicable to IFSCs within the SEZs. Guidelines and regulations have also been brought out by the sectoral Ministries\/ Regulators, viz, Ministry of Corporate Affairs, Reserve bank of India, Securities and Exchange Board of India and Insurance Regulatory Development Authority of India with a view to facilitate the setting up of businesses in IFSC.<\/p>\n<p style=\"text-align: right;\">Ministry of Finance<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Section 18 of the Special Economic Zones Act, 2005 provides for the setting up of an International Financial Services Centre (IFSC) in <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-122341","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>First International Financial Services Centre set up at Gujarat International Finance Tec-City (GIFT), Gandhinagar | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/12\/first-international-financial-services-centre-set-up-at-gujarat-international-finance-tec-city-gift-gandhinagar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First International Financial Services Centre set up at Gujarat International Finance Tec-City (GIFT), Gandhinagar\" \/>\n<meta property=\"og:description\" content=\"Section 18 of the Special Economic Zones Act, 2005 provides for the setting up of an International Financial Services Centre (IFSC) in\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/12\/first-international-financial-services-centre-set-up-at-gujarat-international-finance-tec-city-gift-gandhinagar\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-04-12T07:44:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-04-12T07:44:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/08\/North-Block.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1330\" \/>\n\t<meta property=\"og:image:height\" content=\"887\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Saba\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Saba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/12\/first-international-financial-services-centre-set-up-at-gujarat-international-finance-tec-city-gift-gandhinagar\/\",\"url\":\"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/12\/first-international-financial-services-centre-set-up-at-gujarat-international-finance-tec-city-gift-gandhinagar\/\",\"name\":\"First International Financial Services Centre set up at Gujarat International Finance Tec-City (GIFT), Gandhinagar | SCC Times\",\"isPartOf\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/#website\"},\"datePublished\":\"2017-04-12T07:44:09+00:00\",\"dateModified\":\"2017-04-12T07:44:10+00:00\",\"author\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/e8e76b10dfc9c0d576324bfdbb2c2785\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/12\/first-international-financial-services-centre-set-up-at-gujarat-international-finance-tec-city-gift-gandhinagar\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/12\/first-international-financial-services-centre-set-up-at-gujarat-international-finance-tec-city-gift-gandhinagar\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/12\/first-international-financial-services-centre-set-up-at-gujarat-international-finance-tec-city-gift-gandhinagar\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.scconline.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"First International Financial Services Centre set up at Gujarat International Finance Tec-City (GIFT), Gandhinagar\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.scconline.com\/blog\/#website\",\"url\":\"https:\/\/www.scconline.com\/blog\/\",\"name\":\"SCC Times\",\"description\":\"Bringing you the Best Analytical Legal News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.scconline.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/e8e76b10dfc9c0d576324bfdbb2c2785\",\"name\":\"Saba\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g\",\"caption\":\"Saba\"},\"url\":\"https:\/\/www.scconline.com\/blog\/post\/author\/editor_2\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"First International Financial Services Centre set up at Gujarat International Finance Tec-City (GIFT), Gandhinagar | SCC Times","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/12\/first-international-financial-services-centre-set-up-at-gujarat-international-finance-tec-city-gift-gandhinagar\/","og_locale":"en_US","og_type":"article","og_title":"First International Financial Services Centre set up at Gujarat International Finance Tec-City (GIFT), Gandhinagar","og_description":"Section 18 of the Special Economic Zones Act, 2005 provides for the setting up of an International Financial Services Centre (IFSC) in","og_url":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/12\/first-international-financial-services-centre-set-up-at-gujarat-international-finance-tec-city-gift-gandhinagar\/","og_site_name":"SCC Times","article_publisher":"https:\/\/www.facebook.com\/scc.online\/","article_published_time":"2017-04-12T07:44:09+00:00","article_modified_time":"2017-04-12T07:44:10+00:00","og_image":[{"width":1330,"height":887,"url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/08\/North-Block.jpg","type":"image\/jpeg"}],"author":"Saba","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Saba","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/12\/first-international-financial-services-centre-set-up-at-gujarat-international-finance-tec-city-gift-gandhinagar\/","url":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/12\/first-international-financial-services-centre-set-up-at-gujarat-international-finance-tec-city-gift-gandhinagar\/","name":"First International Financial Services Centre set up at Gujarat International Finance Tec-City (GIFT), Gandhinagar | SCC Times","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/#website"},"datePublished":"2017-04-12T07:44:09+00:00","dateModified":"2017-04-12T07:44:10+00:00","author":{"@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/e8e76b10dfc9c0d576324bfdbb2c2785"},"breadcrumb":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/12\/first-international-financial-services-centre-set-up-at-gujarat-international-finance-tec-city-gift-gandhinagar\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.scconline.com\/blog\/post\/2017\/04\/12\/first-international-financial-services-centre-set-up-at-gujarat-international-finance-tec-city-gift-gandhinagar\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/12\/first-international-financial-services-centre-set-up-at-gujarat-international-finance-tec-city-gift-gandhinagar\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.scconline.com\/blog\/"},{"@type":"ListItem","position":2,"name":"First International Financial Services Centre set up at Gujarat International Finance Tec-City (GIFT), Gandhinagar"}]},{"@type":"WebSite","@id":"https:\/\/www.scconline.com\/blog\/#website","url":"https:\/\/www.scconline.com\/blog\/","name":"SCC Times","description":"Bringing you the Best Analytical Legal News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.scconline.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/e8e76b10dfc9c0d576324bfdbb2c2785","name":"Saba","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g","caption":"Saba"},"url":"https:\/\/www.scconline.com\/blog\/post\/author\/editor_2\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":288504,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/04\/04\/nlu-delhi-signs-mou-with-ifsca-to-promote-research-in-international-financial-regulations-ifsca-institutes-a-phd-fellowship-at-nlu-delhi-of-the-amount-of-inr-16-lakhs\/","url_meta":{"origin":122341,"position":0},"title":"NLU Delhi Signs MoU with IFSCA to Promote Research in International Financial Regulations; IFSCA Institutes a PhD Fellowship at NLU Delhi of the amount of INR 16 Lakhs","author":"Bhumika Indulia","date":"April 4, 2023","format":false,"excerpt":"31 March 2023, New Delhi: National Law University Delhi entered a Memorandum of Understanding (MoU) with International Financial Services Centres Authority (IFSCA) to foster cooperation in areas of financial institutions and regulations. Under the MoU, IFSCA has instituted a PhD Fellowship in IFSCA Regulations to incentivise research in the area\u2026","rel":"","context":"In &quot;Law School News&quot;","block_context":{"text":"Law School News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/lawschoolnews\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-987.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-987.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-987.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-987.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":240623,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/12\/14\/ifsca-notifies-international-financial-services-centres-authority-bullion-exchange-regulations-2020\/","url_meta":{"origin":122341,"position":1},"title":"IFSCA notifies International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020","author":"Bhumika Indulia","date":"December 14, 2020","format":false,"excerpt":"In the Union Budget 2020, Union Minister of Finance Corporate Affairs Nirmala Sitharaman had made an announcement for setting up an International Bullion Exchange at the International Financial Services Centre in GIFT City, Gandhinagar, Gujarat. Subsequently, the Government of India had notified the bullion spot delivery contract and bullion depository\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":316939,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/03\/14\/cbdt-issues-notification-exempting-some-services-from-paying-tax-legal-news\/","url_meta":{"origin":122341,"position":2},"title":"CBDT exempts TDS for IFSC Units","author":"Kriti","date":"March 14, 2024","format":false,"excerpt":"The provisions will come into force on 1-4-2024.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Relaxation on tax deductions","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Relaxation-on-tax-deductions.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Relaxation-on-tax-deductions.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Relaxation-on-tax-deductions.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Relaxation-on-tax-deductions.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":249157,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/02\/sebi-issues-circular-regulating-off-market-transfer-of-securities-by-fpi\/","url_meta":{"origin":122341,"position":3},"title":"SEBI issues circular regulating &#8216;Off-market\u2019 transfer of securities by FPI","author":"Prachi Bhardwaj","date":"June 2, 2021","format":false,"excerpt":"Securities and Exchange Board of India issued guidelines vide circular dated 01.06.2021, for relocation of foreign funds to the International Financial Services Centre (IFSC). Following guidelines are announced: Tax incentives are available under Finance Act, 2021 for relocating foreign funds to International Financial Services Centre (IFSC). For relocation, a Foreign\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":224093,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/10\/operating-guidelines-for-investment-advisers-in-international-financial-services-centre\/","url_meta":{"origin":122341,"position":4},"title":"Operating Guidelines for Investment Advisers in International Financial Services Centre","author":"Bhumika Indulia","date":"January 10, 2020","format":false,"excerpt":"1. SEBI has issued SEBI (International Financial Services Centres) Guidelines, 2015 (hereinafter referred to as \u2018IFSC Guidelines\u2019) on March 27, 2015, for facilitating and regulating financial services relating to securities market in an IFSC set up under section 18(1) of Special Economic Zones Act, 2005. The IFSC Guidelines provide for\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":256051,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/25\/international-financial-services-centres-authority-registration-of-insurance-business-regulations-2021\/","url_meta":{"origin":122341,"position":5},"title":"IFSCA (Registration of Insurance Business) Regulations, 2021","author":"Bhumika Indulia","date":"October 25, 2021","format":false,"excerpt":"On October 18, 2021, the International Financial Services Centres Authority (IFSCA) has issued the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021. \u00a0 Objective: The objective is to put in place the process of registration and operations of insurer and Reinsurer in an International Financial Services Centre\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/122341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=122341"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/122341\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=122341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=122341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=122341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}