FM Nirmala Sitharaman underlines commitment to make GIFT City a global FinTech hub as government clears 2 proposals of IFSCA

Narendra Modi Government has formally cleared two proposals of International Financial Services Centres Authority (IFSCA), Finance Minister Nirmala Sitharaman announced on Saturday. One of the proposals is related to the Rs 269.05 cr supervisory technology fund for It Infrastructure and the other is Rs 200 cr for headquarter building.  

Sitharaman is on a visit to country's maiden International Financial Services Centre (IFSC) at GIFT City to interact with stakeholders. 

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The Ministry of Finance today tweeted about this from its official twitter handle. 

See Tweet Here: 

During the discussion on growth opportunities, FM Smt. @nsitharaman announced formal clearance of 2 proposals of IFSCA:

₹269.05 Cr. for supervisory technology fund for IT infrastructure

₹200 Cr. for Headquarter building@GIFTCity_
(1/3) pic.twitter.com/8VARGeYKkz

— Ministry of Finance (@FinMinIndia) November 20, 2021

For the headquarter building, out of the Rs 200 cr, 100 cr will be given as a grant while the remaining Rs 100 cr will be a long, the FM said.  

The FM during the discussion underlined government’s commitment to make GIFT City a world class FinTech hub as stated in the budget, the Ministry of Finance twee further said.  

“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 & exemption to investment divisions of foreign banks,” another tweet said.    

IFSCA was established on April 27, 2020 under the International Financial Services Centres Authority Act, 2019. Headquartered at GIFT City, Gandhinagar in Gujarat, IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the IFSC in India. 

In a series of tweets on Friday, the finance ministry had said that the discussions would focus on the role of GIFT-IFSC as a gateway to global financial services for Indian corporates within India, attracting global financial business to India and growth as Fintech global hub. 

"FM Smt. @nsitharaman will lead a team of seven Secretaries from @FinMinIndia and Ministry of Corporate Affairs to discuss matters of development and growth of India's maiden International Financial Services Centre (IFSC) at GIFT City, Gandhinagar tomorrow," it had tweeted.

The discussions will bring together a confluence of ideas and strategies for faster development of GIFT-IFSC, which was created with the vision of onshoring offshore financial activities and thus embodies the spirit of Atmanirbhar Bharat, the ministry had said in a tweet according to a PTI report.