GIFT City

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GIFT City
City
Gujarat International Finance-Tec City
Night view of Gift City
Night view of Gift City
GIFT City is located in Gujarat
GIFT City
GIFT City
Location in Gujarat, India
GIFT City is located in India
GIFT City
GIFT City
GIFT City (India)
Coordinates: 23°09′35″N 72°41′04″E / 23.159626°N 72.684512°E / 23.159626; 72.684512Coordinates: 23°09′35″N 72°41′04″E / 23.159626°N 72.684512°E / 23.159626; 72.684512
Country India
StateGujarat
DistrictGandhinagar
MetroAhmedabad-Gandhinagar Metro
Government
 • BodyGujarat International Finance Tec-City Company Limited
Area
 • Total3.99 km2 (1.54 sq mi)
 • Rank3.58[1]
Languages
 • OfficialGujarati, Hindi, English
Time zoneUTC+5:30 (IST)
Telephone code+91
Vehicle registrationGJ18
Websitegiftgujarat.in

Gujarat International Finance Tec-City (GIFT City) is central business district under-construction in Gandhinagar and Ahmedabad in Gandhinagar district in Gujarat, India. It is India's first operational greenfield smart city and international financial services center, which the Government of Gujarat promoted as a greenfield project. GIFT City, an emerging global financial and IT services hub and a first-of-its-kind in India, is designed to be at or above par with globally benchmarked business districts.

GIFT City presents us with a one-time opportunity to create a “Delaware-like island” that while being under Indian control, can provide entrepreneurs and investors with the best of both worlds.

Let India-based entrepreneurs incorporate in Gift City, let them accept investments in any currency from investors around the world (barring those from defined restricted jurisdictions, e.g. neighboring countries, sanctioned countries), let them hold money in USD or INR, let Indian residents be allowed to invest freely. Let them list in the NSE/BSE or on NASDAQ/HongKong or London Stock Exchanges. When entrepreneurs or employees or investors based in India make money, or companies become profitable, just set it up so that they pay their taxes in India, regardless of where they get listed themselves.

Setting up GIFT City as a hybrid location can quickly make GIFT City the preferred choice of entrepreneurs and ensure that the long-term value capture happens in India. Startups across India will be from all corners, and GIFT City can be a great common denominator, while allowing the freedom to leverate the distributed ecosystem of India. Anything domestic will still be in the form of a wholly owned subsidiary, but allow Indian AIFs or overseas investors to invest in GIFT City incorporated companies in INR or USD, pari-passu. One small but important benefit is that all the investment dollars which are currently being held in banks in the US/Singapore will also now be held in the “Indian” banking system, whether in USD or INR.

Location and implementation[edit]

The city is located on the banks of the Sabarmati River and is around 12 km (7.5 mi) from Sardar Vallabhbhai Patel International Airport.[2][3][4][5] The city is designed so residents can walk to work, and includes commercial, financial and residential complexes.

The city is connected through 4-6 lane State and National Highways. A metro station is also planned for construction, which would connect GIFT City to the Ahmedabad Metro network, and is expected to be completed by March 2024.[6][7]

History[edit]

[[File:Shri Sudhir Mankad, Chairman, 2007: The Gujarat government announces plans to develop an international financial services center at Gandhinagar, Gujarat.]][8]

In 2008 The Gujarat International Finance Tec-City Company Limited (GIFTCL) is established as a joint venture between the Gujarat government and Infrastructure Leasing and Financial Services (IL&FS) to develop and manage GIFT City.[9]

In 2009 Construction work begins in GIFT City.

In 2011 GIFT City is notified as a Special Economic Zone (SEZ) by the Indian government, providing various tax and duty benefits for businesses operating within the zone.[10]

In 2012 The first phase of infrastructure development in GIFT City is completed, including roads, water supply, and power.[11]

In 2013 The first building, GIFT One, is completed and becomes operational. It houses the offices of several companies, including ICICI Bank, Kotak Mahindra Bank, and Axis Bank.[12]

In 2014 The second building, GIFT Two, is completed and becomes operational. It houses the offices of several companies, including the State Bank of India and Bank of Baroda.[13]

In 2015 The International Financial Services Centre (IFSC) is launched in GIFT City, providing a world-class regulatory and business environment for financial services companies.[14]

In 2016 The first IFSC Banking Unit (IBU) is launched in GIFT City, enabling banks to conduct offshore banking transactions in foreign currencies.[15]

In 2017 The GIFT Tower, a 28-storey commercial building, is inaugurated in GIFT City. The tower is the tallest building in Gujarat and houses several major financial institutions.[16]

In 2018 The National Stock Exchange (NSE) sets up a data center in GIFT City to provide low-latency trading services for financial firms.[17]

In 2019 The GIFT City-based India INX, India's first international exchange, surpasses the $100 billion mark in cumulative trading volume.[18]

In 2020 GIFT City is designated as India's first International Financial Services Centre Authority (IFSCA), giving it the power to regulate financial services companies operating within the IFSC.[19]

In 2021 GIFT City signs an MoU with the Dubai International Financial Centre (DIFC) to strengthen cooperation and enhance cross-border investment opportunities between the two financial centers.[20]

In 2022 The Gujarat Maritime Cluster is inaugurated in GIFT City, with the aim of developing a vibrant maritime ecosystem in Gujarat.

The third building, GIFT Three, is completed and becomes operational. It houses the offices of several companies, including Bank of America and Standard Chartered.

In 2023 The fourth building, GIFT Four, is completed and becomes operational. It houses the offices of several companies, including JPMorgan Chase and Deutsche Bank.

GIFT City, presenting key of GIFT City to the Prime Minister, Shri Narendra Modi, at the inauguration ceremony of the India International Exchange in GIFT City, Gandhinagar, Gujarat.jpg|thumb| Prime Minister Narendra Modi in 2017 at the India International Exchange inauguration ceremony in GIFT City.[21][22]

On 15 December 2011, The Economic Times reported city officials in GIFT were inviting companies from Singapore that wished to expand but could not do so due to a lack of land in Singapore to open their businesses in GIFT. Investments from banks, private equity companies, insurance companies and asset management companies were considered.[23]

On 26 December 2011, The Times of India reported China's technology giant Huawei was likely to provide technology to GIFT. According to Eric Yu, president, enterprise business of Huawei India, this technology included networks, data centres and surveillance.[24]

On 2 October 2014, NetIndian reported a new World Trade Center would be set up in GIFT City as per an agreement between World Trade Center India Services Council (WTCS) and GIFT City Ltd. It would be completed within four years.[25]

BSE Broker's Forum planned to invest ₹120 crore to build a commercial tower to set up back-office operations. They were allocated 28,000 square metres (300,000 sq ft) to develop the commercial tower with the likelihood of setting up an exchange office.[26]

According to The Times of India on 18 October 2014, the Bangalore-based Brigade Group would invest ₹500 crore over the next few years to develop 100,000 square metres (1.1×10^6 sq ft) of built up area with a future option of investing another ₹600 crore to develop 160,000 square metres (1.7×10^6 sq ft).[27]

In November 2018, The Wire reported the Government of Gujarat State would buy out the 50% stake of beleaguered Infrastructure Leasing & Financial Services (IL&FS) in the GIFT City to minimize delays to the project.[28] In June, 2020, IL&FS concluded sale of its stake in GIFT-City for ₹32 crore equity value to the state government.[29]

According to Business Standard, OPS Fund Services, a subsidiary of OPS Global, Singapore, received a license to open in the International Financial Service Centre at GIFT city.[30]

On 5 December 2019, Business Standard reported that Bank of America opened a Global Business Services Center at GIFT.[31]

On 6 January 2020, Accor opened the first international hotel in GIFT City.[32]

On 20 January 2020, The Economic Times reported GIFT was ready to begin trading in rupee-dollar in the futures market.[33]

In July 2022, JPMorgan Chase, Deutsche Bank and Mitsubishi UFJ Financial Group opened new offices at the International Financial Services Centre.[34] Prime Minister Narendra Modi formally opened Singapore Exchange's futures trading operation "Nifty",[35] and India's first international bullion exchange was opened.[36]

Construction timeline[edit]

Utility Tunnel at GIFT City

Two 28-floor commercial towers called GIFT One and GIFT Two have been finished. Tendering for the construction of more towers is ongoing.[37] This phase will also include the building of basic infrastructure.[37] India's first city-level district cooling system (DCS) is operational at GIFT City. The first phase of this DCS, with a capacity of 10,000 Ton of refrigeration has been in operation since April 2015; it is designed to reduce the operational cost and avoid the capital cost of implementing individual air conditioners in each building.[38]

Consultants[edit]

  • Owner - The Amazing
  • Design and Architecture - East China Architectural Design & Research Institute (ECADI) and Fairwood Consultants India
  • ICT Advisory Services - British Telecom
  • Market Demand Assessment - McKinsey & Company
  • Talent Demand Assessment - Hewitt Associates
  • Environmental Assessment - IL&FS Ecosmart Ltd
  • Process Management - IL&FS Infrastructure Development Corporation Ltd
  • Power Management - ABB Group[39]

Status[edit]

As part of Phase-I development, around 780,000 square metres (8.4×10^6 sq ft) of built-up area has already been allotted from the 1,200,000 square metres (13×10^6 sq ft) available for commercial, residential and social use.[40] On 11 September 2019, Tapan Ray, managing director and Group CEO of GIFT City, said the city had attracted around ₹11,000 crore of investment.[41]

Divisions[edit]

Zones Area
SEZ - PA 61.1829 Ha (130.5acres)
SEZ - N PA 44.2557 Ha (130.5 acres)
TOTAL (SEZ) 105.4386 Ha (261 acres)
DTA 252.93 Ha (625 acres)
GRAND TOTAL 358.3686 Ha (886 acres)

The total area for the development of GIFT is 886 acres out of which the SEZ (Special Economic Zone) constitutes 261 acres. The project area under development can hence be classified under the SEZ area and the Non-SEZ area (also known as the Domestic Tariff area or the DTA).[42]

GIFT City has dedicated Multi Services Special Economic Zone (SEZ) for international operations of various services sectors players. Also within the GIFT Multi Services SEZ, GIFT houses India's first International Financial Services Center (IFSC) approved by the Government of India.[42]

Administration[edit]

Gujarat International Finance Tec-City Company Limited[edit]

The Government of Gujarat formed "Gujarat International Finance Tec-City Company Limited" (GIFTCL) to develop and implement GIFT City through its venture Gujarat Urban Development Company Limited (GUDCL). GIFT City is an 886-acre integrated project that creates 62 million square feet of built-up area, including 67% commercial space, 22% residential space and 11% community space.

GIFT Managing Bodies[edit]

For the purpose of implementation of the SEZ, GIFT Company Limited has set up an SPV (Special Purpose Vehicle) (100% subsidiary of GIFTCL) namely GIFT SEZ Ltd, designated as the developer organization of the SEZ. GIFTCL has also set up 5 subsidiary companies for the implementation of specialized infrastructure including Power, Water, ICT (Information & Communication Technology), District Cooling and solid waste management.[5]

  • Gift Power Company Limited
  • Gift Waste Management Services Limited
  • Gift Water Infrastructure Limited
  • Gift ICT Services Limited
  • Gift Collective Investment Management Company Limited
  • Gift SEZ Limited

Utilities[edit]

District Cooling System[edit]

Utility Tunnel GIFT City

India's first city-level district cooling system (DCS) is operational at GIFT City. GIFT City (Gujarat International Finance Tec-City) is a smart city in the Indian state of Gujarat. The GIFT City District Cooling System is a centralized air conditioning system that provides cooling to the entire city. The system is designed to be energy-efficient and environmentally friendly.

The construction of the GIFT City District Cooling System started in 2015, and the first phase of the project was completed in 2018. The system has a capacity of 40,000 refrigeration tons (RT) and can cater to the cooling needs of over 10 million square feet of built-up area.

The second phase of the project, which includes the expansion of the cooling system's capacity to 60,000 RT, which completed in 2023.[43]

Automated Waste Collection[edit]

The system is designed to improve the efficiency of waste collection and reduce the environmental impact of traditional waste management methods. It also aims to improve the cleanliness and hygiene of the city.

The construction of the Automated Waste Collection System in GIFT City was undertaken by IL&FS Environmental Infrastructure & Services Limited (IEISL), a subsidiary of Infrastructure Leasing & Financial Services (IL&FS). The project was completed in phases, and the first phase was inaugurated in 2017.[44]AWS is handling the waste of the entire district, which is expected to be over 400 tonnes per day generated from GIFT City’s 25,000 apartments, 100,000 residents and a working population of over 500,000. [45][46]Automated waste collection is combined with biomass energy generation systems, so GIFT will burn waste to generate energy.[47][48]

Intelligent Building Management System[edit]

An Intelligent Building Management System (IBMS) is an advanced system that integrates various building automation systems such as lighting, HVAC, security, and energy management. The IBMS at GIFT City is aimed at providing a seamless and energy-efficient environment for occupants of the buildings within the complex.

The construction of the IBMS at GIFT City is involved with the installation of sensors, smart devices, and communication networks to collect and analyze data about the building's systems and optimize their performance. The IBMS is associated to central command middle to supply interface between the client and the utility benefit supplier.[49]

Central command and control system[edit]

GIFT uses advance of technology in form of unique IoT (Internet of Things) based to monitor and manage city Infrastructure.The city has a central command and control system. The objectives are (i) Co-ordination and Integration among various service providers & users (ii) Disaster Management & Emergency Services; (iii)Ensuring efficient services to the Users; (iv) Ensuring Safety and Security; (v) Record keeping / documentation.[50][51]

Domestic gas[edit]

The tenants has provided a channeled gas for residential employments, maintaining a strategic distance from the customary barrel framework.[52]

Sewerage and waste water treatment[edit]

The sewerage and wastewater treatment facilities at GIFT City are involved with the installation of various infrastructure components such as sewer pipelines, treatment plants, and pumping stations. These components are designed to collect and treat wastewater generated by the occupants of the city and ensure that it meets the required standards before being discharged into the environment.The city collects its solid waste through Automated Waste Collection system through chute system where waste is sucked in pipes at a speed of 90km/hr. This will lead to minimum human intervention, minimum space requirement and a cleaner city. Waste is to be treated with plasma technology.[53][54]

Water infrastructure[edit]

The design of the city is to provide potable water in all taps of the city which would be available on demand. Water from the Narmada canal is stored in an artificial reservoir called Samrudhdhi Sarovar(designed for 15 days drinking water storage) and then conveyed to water treatment plant and then distributed. Water pipeline trunk and secondary network is configured as a loop system.[55]

Power Supply[edit]

The power supply for GIFT City is built with a focus on sustainability and reliability. The city has its own power substation, which receives power from a dedicated 400 kV transmission line. The substation is built to handle a peak load of 250 MW and have multiple backup systems to ensure uninterrupted power supply.[56]

In addition to the power substation, GIFT City is also implementing a smart grid system that enables efficient distribution of power and help reduce wastage. The smart grid uses advanced metering and monitoring technologies to optimize power consumption and reduce carbon footprint.The power supply for GIFT City is built with a focus on sustainability and reliability. [57]

Dedicated Utility Service Corridor[edit]

The Dedicated Utility Service Corridor is a 60-meter-wide underground utility tunnel that runs through the entire length of GIFT City, providing uninterrupted and dedicated service corridors for various utilities such as power, water, gas, and telecommunications.

The construction of the Dedicated Utility Service Corridor started in 2018 and was expected to be completed by the end of 2020. The highlight of the city is the Dedicated Utility Service Corridor which is an underground tunnel spread across the city which contains all the utility lines. The utility lines of power distribution, potable water, wastewater, gas, chilled water, ICT fibres and solid waste system is channelled through this underground tunnel. This makes it easier to operate and maintain these utility services unlike the conventional practise of digging streets regularly for maintenance of utility line.[58][59]

ICT services[edit]

GIFT City, the city is equipped with advanced ICT infrastructure and services to cater to the needs of businesses operating in the financial sector. The city offers a high-speed fiber optic network, data center services, cloud computing, cybersecurity, and other related services.

GIFT City has also launched a digital platform called GIFT SEZ Connect to enable businesses to connect with various service providers and government agencies. The platform aims to provide a one-stop solution for businesses to access various services such as company registration, tax compliance, and other regulatory requirements.The city aims to provide fibre-optics infrastructure to each and every cabin in the city. [60]

Integrated Transportation[edit]

The city wants provide integrated urban transport system with high modal split towards public transport. The inter-city features include transit nodes, pedestrian pathways, travellators and multi-level parking. The city will have Intelligent Transport System(ITES) which would give real-time information about traffic, public transportation and routes within the city.The city will be connected to the neighbouring city of Gandhinagar and Ahmedabad by Bus Rapid Transit and Mass Rapid Transit (Metrorail).[61][62] The BRTS system in GIFT City is operated by the Ahmedabad Janmarg Limited (AJL) and covers a distance of 6.5 kilometers with 12 stations. The BRTS buses are eco-friendly and run on compressed natural gas (CNG).

The metro rail network in GIFT City is being developed by the Gujarat Metro Rail Corporation (GMRC) and is expected to cover a distance of around 20 kilometers with 19 stations. The first phase of the metro rail network is expected to be operational by 2024.

Gujarat Maritime Cluster[edit]

File:Maritime Cluster.jpg
Gujarat Maritime Cluster

Gujarat Maritime Cluster represents a total maritime business ecosystem that offers a way for shipping businesses to operate anywhere in the world, from one world-class location.It is conceived as a dedicated ecosystem of Ports, Maritime Shipping and Logistics services providers.It will host an array of maritime, shipping industry players and service providers, along with relevant Government regulatory agencies, in Gujarat International Finance Tec-City (GIFT City), Gandhinagar – India’s first International Financial Services Centre.[63]

Gujarat Maritime Board[edit]

Main article: Gujarat Maritime Board

The Gujarat Maritime Board (GMB), has developed such a cluster through its subsidiary Gujarat Ports Infrastructure and Development Company Ltd (GPIDCL).While the project was conceptualised back in 2007, it received in-principle approval from the state government in 2015.[64]

Overview[65][edit]

The Gujarat Maritime Cluster is coming up in the GIFT (Gujarat International Finance Tec-City) City at Gandhinagar to address logistics of ports and seaways.

  • It is conceived as a dedicated ecosystem of Ports, Maritime Shipping and Logistics services providers.
  • It will host an array of maritime, shipping industry players and service providers, along with relevant Government regulatory agencies, in Gujarat International Finance Tec-City (GIFT City), Gandhinagar – India’s first International Financial Services Centre.
  • The Gujarat Maritime Board (GMB), has been trying to develop such a cluster through its subsidiary Gujarat Ports Infrastructure and Development Company Ltd (GPIDCL).
  • While the project was conceptualised back in 2007, it received in-principle approval from the state government in 2015.
  • Unique institutions at the Gujarat Maritime Cluster:
      • Gujarat Maritime University will be set up.
      • Within this, an Alternate Dispute Resolution (ADR) Centre will be set up.
      • This centre will provide an option to Indian players seeking to avoid availing the services of international alternative dispute resolution hubs which entail huge costs, time, and travel.
      • The cluster is also expected to house the office of the Director General of Shipping.

GMB Ports[66][edit]

The ports under the jurisdiction of Gujarat Maritime Board are grouped into 10 Group of Ports, namely – Magdalla, Bharuch, Bhavnagar, Jafrabad, Veraval, Porbandar, Okha, Jamnagar, Navlakhi and Mandvi.[67]

GMIAC[edit]

This will be the first centre of its kind in the country that will manage arbitration and mediation proceedings with disputes related to the maritime and shipping sector. The GIMAC will be part of a maritime cluster that the Gujarat Maritime Board (GMB) is setting up in GIFT City at Gandhinagar.[68][69]

  • Overview:
    • This will be the first centre of its kind in the country that will manage arbitration and mediation proceedings with disputes related to the maritime and shipping sector.
    • The GIMAC will be part of a maritime cluster that the Gujarat Maritime Board (GMB) is setting up in GIFT City at Gandhinagar.[70]
  • Need:
    • India’s Focus on Arbitration: Recently, the Arbitration and Conciliation (Amendment) Act, 2021 was notified, considered as the landmark step towards making India as the hub of International Commercial Arbitration.
      • Arbitration is a kind of dispute resolution method where the disputes arising between the parties are resolved by the arbitrators appointed by them instead of state's legal bodies.
    • There are over 35 arbitral institutions in India, however, none focus exclusively on the disputes related to the maritime sector.
      • With the state continuing to witness a rapid extension in maritime activities and inching closer to becoming a global maritime hub with the implementation of Gujarat Maritime Cluster project, a strong growing and recurring demand is being generated for a specialized facility for maritime arbitration services.
    • The idea is to create a world-class arbitration centre focused on maritime and shipping disputes that can help resolve commercial and financial conflicts between entities having operations in India.
      • The arbitration involving Indian players is now heard at the Singapore Arbitration Centre.
      • Globally, London is the preferred centre for arbitration for the maritime and shipping sector.[71]
  • Benefits:
    • Facilitate faster dispute resolution.
    • Enhance the attractiveness of GIFT Special Economic Zone (SEZ) among the International Maritime Community.
    • Increase the ease of doing business.
    • Reduce burden on courts.

Milestones[66][edit]

  • First Port authority to invite private sector participation through competitive bidding and transparent bidding process
  • First state to announce Port Policy, BOOT Policy and Shipbuilding Policy
  • State with highest number of operational ports and commercial cargo ports
  • Gujarat’s Non-Major Ports (viz. GMB Ports) handled ~31% of the total national maritime traffic in FY 2020-21
  • Gujarat’s Non-Major Ports (viz. GMB Ports) handled the equivalent of ~58% of the total national Major Ports traffic in FY 2020-21
  • Gujarat’s Non-Major Ports (viz. GMB Ports) handled ~67% of the total national Non-Major ports traffic in FY 2020-21
  • India’s first private port at Pipavav
  • India’s largest commercial (private) multipurpose port at Mundra
  • India’s largest captive port at Sikka
  • India’s first two operating LNG Terminals at Dahej and Hazira
  • India’s first dedicated chemical port terminal at Dahej
  • One of the world’s largest ship recycling yard at Alang (Bhavnagar)
  • Only state with “Cradle to Graveyard” ecosystem for ships – Shipbuilding to Ship Recycling
  • State-of-the-art institution for maritime skill building – Gujarat Maritime University
  • India’s first private port at Pipavav
  • India’s largest commercial (private) multipurpose port at Mundra
  • India’s largest captive port at Sikka
  • India’s first two operating LNG Terminals at Dahej and Hazira
  • India’s first dedicated chemical port terminal at Dahej
  • One of the world’s largest ship recycling yard at Alang (Bhavnagar)
  • Only state with “Cradle to Graveyard” ecosystem for ships – Shipbuilding to Ship Recycling
  • State-of-the-art institution for maritime skill building – Gujarat Maritime University
  • India’s first private port at Pipavav
  • India’s largest captive port at Sikka
  • India’s first two operating LNG Terminals at Dahej and Hazira
  • India’s first dedicated chemical port terminal at Dahej
  • One of the world’s largest ship recycling yard at Alang (Bhavnagar)
  • Only state with “Cradle to Graveyard” ecosystem for ships – Shipbuilding to Ship Recycling
  • State-of-the-art institution for maritime skill building – Gujarat Maritime University

Gift IFSC[edit]

File:Gift IFSC.jpg
Gujarat International Finance-tech City

Gujarat International Finance Tech-city (GIFT) SEZ is India's first International Financial Services Centre (IFSC) under Special Economic Zone Act, 2005 (“SEZ Act 2005”). It is being developed as a global financial services hub.[72]

Overview[edit]

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.[73]

IFSCA[edit]

The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India. At present, the GIFT IFSC is the maiden international financial services centre in India.

The International Financial Services Centres Authority (IFSCA) has been established on April 27, 2020 under the International Financial Services Centres Authority Act, 2019. It is headquartered at GIFT City, Gandhinagar in Gujarat. The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India. At present, the GIFT IFSC is the maiden international financial services centre in India. Prior to the establishment of IFSCA, the domestic financial regulators, namely, RBI, SEBI, PFRDA and IRDAI regulated the business in IFSC.

As the dynamic nature of business in the IFSCs requires a high degree of inter-regulatory coordination within the financial sector, the IFSCA has been established as a unified regulator with a holistic vision in order to promote ease of doing business in IFSC and provide world class regulatory environment. The main objective of the IFSCA is to develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform for the entire region and the global economy as a whole.[74]

The IFSCA was established in April 2020 under the International Financial Services Centres Authority Act, 2019. It is a statutory authority established by the Indian Government.[75]

  • It is an authority to develop and regulate financial services, financial products and financial institutions in the International Financial Services Centre (IFSC) in India.
    • Currently, there is only one IFSC being developed in India, Gift City, in Gandhinagar, Gujarat.
  • Before the IFSCA was established, the financial services and institutions were regulated by the domestic financial regulators such as SEBI, RBI, IRDAI, PFRDA, etc.
  • The main goal of the IFSCA is to promote ease of doing business in IFSC and provide a world class regulatory environment.
  • The IFSCA will not only regulate the nature of business which will be transacted in the IFSC but will also be regulating the functioning of the entities involved with transacting business in IFSC.
  • IFSCA is headquartered in Gandhinagar. Its current chairman is Injeti Srinivas.[76]

Tax benefits[edit]

GIFT City, being an International Financial Services Centre (IFSC) in India, offers various tax benefits to companies operating in the SEZ (Special Economic Zone) and DTA (Domestic Tariff Area) areas. Some of the tax benefits offered by GIFT City are:

  1. Tax holiday: Companies operating in the SEZ areas of GIFT City are exempt from paying income tax on their profits for the first five years, and a reduced rate of tax at 50% of the applicable rate for the next five years.
  2. Exemption from minimum alternate tax (MAT): Companies operating in the SEZ areas of GIFT City are exempt from paying MAT, which is a tax levied on companies that have a book profit but have not paid any income tax due to tax incentives or deductions.
  3. Lower customs duty: Companies operating in the SEZ areas of GIFT City are exempt from paying customs duty on imported goods used for the development, operation, and maintenance of their business.
  4. Service tax exemption: Companies operating in the SEZ areas of GIFT City are exempt from paying service tax on services provided to other companies within the SEZ area.
  5. Single-window clearance: GIFT City provides a single-window clearance system for all approvals, registrations, and licenses required for setting up and operating a business, which reduces the time and cost involved in obtaining these approvals.
  6. Dividend distribution tax exemption: Companies operating in the SEZ areas of GIFT City are exempt from paying dividend distribution tax on dividends paid to their shareholders.
  7. Capital gains tax exemption: Companies operating in the SEZ areas of GIFT City are exempt from paying long-term capital gains tax on the sale of securities or other assets held for a period of more than one year.
  8. No securities transaction tax (STT): Transactions in securities listed on the International Financial Services Centre (IFSC) exchanges in GIFT City are exempt from paying STT, which is a tax levied on transactions in securities traded on Indian stock exchanges.
  9. No commodity transaction tax (CTT): Transactions in commodities listed on the IFSC exchanges in GIFT City are exempt from paying CTT, which is a tax levied on transactions in commodity derivatives traded on Indian commodity exchanges.
  10. No stamp duty: All documents executed within the SEZ areas of GIFT City are exempt from paying stamp duty, which is a tax levied on legal documents such as agreements, contracts, and deeds.
  11. Lower corporate tax rate: Companies operating in the DTA areas of GIFT City are eligible for a lower corporate tax rate of 22% (plus surcharge and cess) for new manufacturing units set up on or after October 1, 2019, and commencing production on or before March 31, 2023.
  12. No Value Added Tax (VAT): All transactions within the SEZ areas of GIFT City are exempt from paying VAT, which is a tax levied on the value added to goods or services at each stage of production or distribution.
  13. No Central Sales Tax (CST): All transactions within the SEZ areas of GIFT City are exempt from paying CST, which is a tax levied on the sale of goods from one state to another in India.
  14. No Excise Duty: All goods produced within the SEZ areas of GIFT City are exempt from paying excise duty, which is a tax levied on goods produced or manufactured in India.
  15. No Goods and Services Tax (GST): All transactions within the SEZ areas of GIFT City are exempt from paying GST, which is a tax levied on the supply of goods and services in India.
  16. No wealth tax: Companies and individuals operating within the SEZ areas of GIFT City are exempt from paying wealth tax, which is a tax levied on the net wealth of an individual or company.
  17. No property tax: All properties within the SEZ areas of GIFT City are exempt from paying property tax, which is a tax levied on the value of a property.
  18. No gift tax: All gifts made within the SEZ areas of GIFT City are exempt from paying gift tax, which is a tax levied on the value of a gift given by an individual to another individual or entity.
  19. No inheritance tax: All inheritances received within the SEZ areas of GIFT City are exempt from paying inheritance tax, which is a tax levied on the value of an inheritance received by an individual.
  20. No tax on repatriation of profits: Companies operating in the SEZ areas of GIFT City are allowed to repatriate their profits earned in India without any tax on such repatriation.
  21. No minimum alternate tax (MAT): Companies operating within the SEZ areas of GIFT City are exempt from paying minimum alternate tax (MAT), which is a tax levied on companies that show profits in their financial statements but have a lower tax liability as per the Income Tax Act.
  22. No tax on long-term capital gains from equity shares: Companies operating within the SEZ areas of GIFT City are exempt from paying tax on long-term capital gains (LTCG) from equity shares listed on the IFSC exchanges. LTCG is the tax levied on the profit made from selling equity shares held for more than one year.
  23. No dividend distribution tax (DDT) on dividends paid to non-residents: Companies operating within the SEZ areas of GIFT City are exempt from paying dividend distribution tax (DDT) on dividends paid to non-resident shareholders.
  24. No tax on interest income from bonds issued in IFSC: Interest income earned by non-residents on bonds issued in the IFSC area of GIFT City is exempt from tax in India.


Corporate Income Tax Benefits

  • 100% deduction of profits and gains for the first five consecutive years from the date of commencement of business.
  • 50% deduction of profits and gains for the next five consecutive years from the end of the initial five-year period.
  • No Minimum Alternative Tax (MAT) for the first ten years.
  • No dividend distribution tax.
  • No tax on long-term capital gains.
  • No tax on securities transaction.
  • No tax on interest earned on deposits with banks and financial institutions.
  • No tax on income earned from offshore funds and investments.
  • No tax on income earned from an international financial services center (IFSC).

Personal Income Tax Benefits

  • Employees of companies operating in GIFT City can enjoy a tax-free income up to INR 20 lakh per annum for the first five years from the date of employment.
  • No tax on income earned from offshore funds and investments.
  • No tax on income earned from an IFSC. Goods and Services Tax (GST) Benefits
  • Exemption from GST on services provided to companies operating in GIFT City.
  • Exemption from GST on the supply of goods and services from a unit in GIFT City to another unit in the same zone or to a unit located outside India.
  • Exemption from Integrated Goods and Services Tax (IGST) on the supply of goods and services from a unit in GIFT City to a unit located outside India.

Customs Duty Benefits

  • Exemption from customs duty on goods imported into GIFT City for business purposes.
  • Exemption from customs duty on goods exported from GIFT City to foreign countries.
  • Exemption from Central Sales Tax (CST) and Value Added Tax (VAT) on the sale of goods within GIFT City.

Stamp Duty and Registration Benefits

  • Exemption from stamp duty and registration fees on documents executed in GIFT City.
  • Exemption from stamp duty and registration fees on the lease of land and buildings within GIFT City.

Property Tax Benefits

  • Exemption from property tax on land and buildings within GIFT City.

Infrastructure Tax Benefits

  • Exemption from infrastructure development fees for the first five years from the date of commencement of business.
  • Exemption from electricity duty for the first five years from the date of commencement of business.
  • Exemption from entry tax on the import of machinery and equipment for the first five years from the date of commencement of business.
  • Exemption from octroi and local body tax on the import of goods for the first five years from the date of commencement of business.

Foreign Exchange Management Act (FEMA) Benefits

  • Simplified procedures for foreign exchange transactions for companies operating in GIFT City.
  • Liberalized remittance scheme for individuals and companies operating in GIFT City.
  • No restrictions on foreign investment in GIFT City.

Regulatory Benefits

  • Single-window clearance for

Employment Tax Benefits

  • Companies operating in GIFT City are eligible for reimbursement of up to 50% of the employer's contribution towards employee provident fund (EPF) and Employees' State Insurance (ESI) for a period of three years from the date of commencement of business.
  • Exemption from professional tax on employees working within GIFT City.

Research and Development (R&D) Tax Benefits

  • Companies engaged in R&Dactivities within GIFT City are eligible for a deduction of 150% of the expenses incurred towards R&D.
  • Exemption from customs duty and IGST on the import of R&D equipment and materials.

Capital Gains Tax Benefits

  • No tax on short-term capital gains from the sale of securities traded on a recognized stock exchange located within GIFT City.
  • No tax on long-term capital gains from the sale of units of an equity-oriented fund, a business trust or a venture capital fund located within GIFT City.

Securities Transaction Tax (STT) Benefits

  • No STT on the sale of securities traded on a recognized stock exchange located within GIFT City.

Transfer Pricing Benefits

  • Companies operating in GIFT City are exempt from transfer pricing provisions for transactions with associated enterprises located outside India.

Mutual Fund Tax Benefits

  • Exemption from securities transaction tax (STT) on the sale or purchase of units of a mutual fund located within GIFT City.

Real Estate Investment Trust (REIT) Tax Benefits

  • No tax on dividend income received from units of a REIT located within GIFT City.
  • No tax on long-term capital gains from the sale of units of a REIT located within GIFT City.

Infrastructure Investment Trust (InvIT) Tax Benefits

  • No tax on dividend income received from units of an InvIT located within GIFT City.
  • No tax on long-term capital gains from the sale of units of an InvIT located within GIFT City.

Startup Tax Benefits

  • Companies registered as startups with the Department for Promotion of Industry and Internal Trade (DPIIT) are eligible for additional tax benefits in GIFT City.

Corporate Tax Benefits

  • A corporate tax rate of 10% for companies operating within the International Financial Services Centre (IFSC) in GIFT City, compared to the regular rate of 25% for other Indian companies.

Minimum Alternate Tax (MAT) Benefits

  • No Minimum Alternate Tax (MAT) is levied on companies operating within GIFT City.

Foreign Tax Credit (FTC) Benefits

  • Indian companies operating within GIFT City are eligible to claim * foreign tax credits for taxes paid on income earned outside India.

Double Taxation Avoidance Agreement (DTAA) Benefits

  • Companies operating within GIFT City can take advantage of the Double Taxation Avoidance Agreement (DTAA) between India and other countries to avoid paying taxes twice on the same income.

Tax Incentives for Units in the SEZ

  • Companies located in the Special Economic Zone (SEZ) within GIFT City are eligible for tax incentives such as income tax exemption for the first five years, and 50% exemption for the next five years.

No Wealth Tax

  • No wealth tax is levied on individuals or companies operating within GIFT City.

Stamp Duty Benefits

  • Reduced stamp duty of 0.005% on transfer of equity instruments of companies listed on the International Financial Services Centre (IFSC) in GIFT City, compared to the regular rate of 0.015% for other Indian companies.

Goods and Services Tax (GST) Benefits

  • Companies operating within GIFT City are eligible for a range of GST benefits, including zero-rated supply of goods and services, exemption from GST on imports of goods and services, and refund of GST paid on exports of goods and services.

Customs Duty Benefits

  • Companies operating within GIFT City are eligible for customs duty benefits, including exemption from customs duty on the import of goods and materials used for construction, operation, or maintenance of the IFSC and its units.

Service Tax Benefits

  • Companies operating within GIFT City are exempt from service tax on certain services, including transport of goods or passengers by rail, road, or air, and construction or maintenance of infrastructure within the IFSC.

Dividend Distribution Tax (DDT) Benefits

  • No dividend distribution tax is levied on companies located within GIFT City for dividend payments to shareholders.

Central Sales Tax (CST) Benefits

  • Companies operating within GIFT City are exempt from Central Sales Tax (CST) on the sale of goods to other states.
  • Central Excise Duty Benefits
  • Companies operating within GIFT City are eligible for exemption from Central Excise Duty on the manufacture of goods for export outside India.

Value Added Tax (VAT) Benefits

  • Companies located within GIFT City are exempt from Value Added Tax (VAT) on the sale or purchase of goods within the IFSC.

Entry Tax Benefits

  • No entry tax is levied on goods imported into GIFT City from other states within India.

No Export Duty

  • No export duty is levied on goods or services exported from GIFT City to other countries.
  • No Octroi or Local Body Tax
  • Companies operating within GIFT City are exempt from octroi or local body tax on the entry of goods into the IFSC.

No Property Tax

  • No property tax is levied on properties within GIFT City.

No Electricity Duty

  • Companies located within GIFT City are exempt from electricity duty on the consumption of electricity.

No Entertainment Tax

  • No entertainment tax is levied on events or activities conducted within GIFT City.

No Capital Gains Tax

  • No capital gains tax is levied on the transfer of securities, derivatives, and other financial instruments traded within GIFT City.

No Securities Transaction Tax (STT)

  • No Securities Transaction Tax (STT) is levied on transactions in securities, derivatives, and other financial instruments traded within GIFT City.

No Commodities Transaction Tax (CTT)

  • No Commodities Transaction Tax (CTT) is levied on transactions in commodities traded within GIFT City.

No Transfer of Title Tax

  • No transfer of title tax is levied on the transfer of immovable property within GIFT City.

No Wealth Tax on Investments

  • No wealth tax is levied on investments in securities, derivatives, and other financial instruments held within GIFT City.

No Gift Tax

  • No gift tax is levied on gifts made within GIFT City.

No Estate Duty

  • No estate duty is levied on inheritance of assets located within GIFT City.
  • No Cess or Surcharge
  • No cess or surcharge is levied on taxes payable by companies operating within GIFT City.
  • No Minimum Alternate Tax (MAT) for Developers
  • Developers of buildings or infrastructure projects within GIFT City are exempt from Minimum Alternate Tax (MAT).
  • No Long-Term Capital Gains Tax on REITs
  • Real Estate Investment Trusts (REITs) operating within GIFT City are exempt from long-term capital gains tax on the sale of properties held for more than three years.

References[edit]

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  2. ↑ "THE GUJARAT INTERNATIONAL FINANCE TEC-CITY (GIFT)". www.gudcltd.com. Retrieved 2 February 2018.
  3. ↑ "GIFT makes steady progress; witnesses a 'hockey stick growth curve'". www.businesstoday.in. Retrieved 1 November 2018.
  4. ↑ Subramanian, N. Sundaresha (1 February 2018). "More gifts for GIFT City may stop flight of capital to Singapore". The Economic Times. Retrieved 2 February 2018.
  5. ↑ 5.0 5.1 "Developments of Ahmedabad".
  6. ↑ "Gujarat International Finance Tec-City to have its own metro stations". The Times of India. Archived from the original on 5 November 2013. Retrieved 3 January 2017.
  7. ↑ "Ahmedabad- Metro Rail: Work on phase 2 of the project to begin in June 2020; details". The Financial Express. 18 November 2019. Retrieved 23 January 2020.
  8. ↑ https://economictimes.indiatimes.com/news/economy/policy/gujarat-to-develop-international-financial-services-centre/articleshow/2278938.cms
  9. ↑ https://www.business-standard.com/article/economy-policy/gujarat-ifc-to-be-called-gift-city-108090100069_1.html
  10. ↑ https://economictimes.indiatimes.com/news/economy/policy/gujarat-international-finance-tec-city-notified-as-special-economic-zone/articleshow/11202279.cms
  11. ↑ https://www.livemint.com/Politics/g0ajwGfv1d8WZ0oJvMk9zN/First-phase-of-GIFT-Citys-infrastructure-development-complet.html
  12. ↑ https://www.thehindubusinessline.com/money-and-banking/gift-city-project-to-breathe-life-into-gandhinagar/article5685589.ece
  13. ↑ https://www.business-standard.com/article/economy-policy/gift-city-starts-second-building-to-house-18-banks-114102000033_1.html
  14. ↑ https://economictimes.indiatimes.com/industry/banking/finance/banking/gujarat-ifsc-launched-by-pm-modi-to-take-on-global-finance-hubs/articleshow/49964411.cms
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External links[edit]

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