GIFT CITY
Potential for huge NRI money coming into India via GIFT city: Bhavin Shah
“We have investments in large private sector banks, some regional private sector banks, NBFCs, MFI, microfinance, wealth management, life insurance, so pretty much across the board. We continue to find a large number of stocks that are still reasonably valued. We also are overweight on aviation,” says Bhavin Shah
IBM, Gujarat govt ink pact to establish AI cluster at GIFT City
Under this partnership, IBM will provide software technologies and platforms over a cloud environment enabling financial institutions to customise and fine-tune large language AI models in a sandbox environment. IBM will also aim to build a digital assistant-based solution that facilitates the onboarding and integration of these customised large language models for financial institutions.
GIFT Nifty nearing $100 billion monthly turnover milestone
This is an all-time high monthly turnover for GIFT Nifty, surpassing its previous record of US $91.73 billion set in May 2024 itself.
GIFT City-like hub for Karnataka, state IT minister Priyank Kharge tells FM
Karnataka IT-BT minister Priyank Kharge told finance minister Nirmala Sitharaman that such a central business district in Karnataka will foster economic growth and create jobs, and also attract foreign investment.
Karnataka seeks Gujarat’s GIFT city-like facility for state from Centre ahead of Union Budget
Pushing for a Central Business District akin to GIFT City, Karnataka seeks rapid project approvals and funding for infrastructure, emphasizing economic growth, job creation, talent development, and research initiatives.
HSBC taps metaverse to win business from India’s rich diaspora
HSBC expands offerings for India's affluent diaspora through a virtual bank in GIFT City, leveraging the metaverse. The bank aims to capture a share of the $112.5 billion remittances to India from non-residents. With the hiring of a UBS executive, HSBC eyes the potential $5.5 trillion wealth management industry in India by 2025.
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Sonakshi Sinha receives luxury car worth Rs 2 cr from husband Zaheer Iqbal as wedding gift
Images of the couple cruising through the city in what seems to be their new car have become widely popular on the Internet. Sonakshi is seen in the pictures wearing a stunning red saree adorned with elaborate gold jewelry and sindoor, giving her an ethereal appearance. Her look at the reception harkened back to her iconic role as Rajjo in her debut film 'Dabangg', evoking nostalgia among many fans.
India’s new finance hub in Gujarat eyes real-time dollar settlement by 2025
Real-time dollar settlement in India’s newest financial hub in Gujarat, GIFT City, is set to begin later this year. The service aims to attract foreign investors by streamlining transactions and reducing delays.
Daibiru creates Gift City fund with Hines, invests Rs 1,000 crore in Gurgaon building
Daibiru Corporation, a subsidiary of Mitsui O.S.K. Lines, has invested Rs 1,000 crore in an upcoming office complex in Gurgaon developed by DLF and Hines. This investment facilitated the exit of Abu Dhabi Investment Authority (ADIA), with Hines holding a 33% stake in the joint venture. The project, named Atrium Place, spans 2.88 million square feet across 11.76 acres and is slated for completion in 2025.
Tax parity for IFSC funds to help HNIs avoid US inheritance levy
Wealthy Indians can use GIFT City to avoid US inheritance tax on offshore investments. IFSCA is seeking tax parity for funds in GIFT City to attract HNI investors.
Budget 2024 may give Indian startups' HQ relocation plans a fresh lease of life
Indian startups domiciled abroad may relocate their headquarters to India via GIFT City, utilizing its SEZ for tax benefits. Amendments this year enabled unlisted firms to directly list on GIFT IFSC. IFSCA aims to finalize GIFT City listing norms by July for August implementation, facilitating e-commerce and tech firms' return like Razorpay, Zepto, Meesho to tap into India's growing stock market and access capital through global listings in GIFT City or specific overseas jurisdictions.
GIFT City gets record bid for 5.22 lakh sq ft development rights in SEZ
Nila Spaces outbids 10 bidders with Rs 6,557 per sq ft bid for development rights in GIFT City SEZ, totaling over Rs 342 crore. CEO Deep Vadodaria plans Rs 750 crore investment, including land development charges, for the project. GIFT City introduces entertainment zone GIFT Eye. Gujarat government exempts GIFT City from liquor prohibition law to attract investments.
IFSCA to unveil norms for direct listing at GIFT City by early July
IFSCA to finalize direct listing norms at GIFT City by early July under the leadership of K Rajaraman.
Bank of India acquires over 6 pc stake in CCIL IFSC
Promoted by Clearing Corporation of India Limited (CCIL), CCIL IFSC is the proposed entity to build and operate a real-time foreign currency settlement system at GIFT City, the country's only operational international financial services centre.
Harsh Gupta Madhusudan on key indicators to monitor ahead of Budget
I think that there should be some more not exactly freebies or welfare, but something more attuned towards consumption and we were already seeing that even in the financial markets. I gave you the number of top line, the most obvious data point to check directly FMCG sales.
Legacy issues behind us, PNB on right path to outperform its competition: MD Atul Kumar Goel
PNB, led by Atul Kumar Goel, achieved a 229% profit growth to Rs 8,245 crore in FY24. Initiatives like reducing NPAs, improving ROA, and expanding branches contribute to the bank's success.
RBI to boost rupee's internationalisation, liberalise norms for non-residents
The Reserve Bank of India (RBI) is intensifying efforts to internationalize the Indian Rupee (INR) by making regulatory changes for non-residents and enhancing the appeal of the GIFT City as an international financial center. The RBI plans to liberalize regulations related to INR accounts for non-residents and allow them to open rupee accounts outside India.
HSBC and StanChart step up GIFT City play, buy stakes in CCIL-IFSC
"Being the global bank that we are, what we do, therefore, is connect India to the rest of the world and connect the rest of the world to India and GIFT is clearly onshoring what was happening offshore," HSBC India CEO Hitendra Dave told ET.
IREDA may float FPO this FY
Separately, in March, the lender's board had approved a proposal of Rs 24,200-crore borrowing for 2024-25. The amount will be raised through taxable bonds, green taxable bonds, perpetual debt instruments, green masala bonds, green foreign currency bonds and external commercial borrowings, among others.
IFSC regulator looking to allow NBFCs operate as risk aggregators
The International Financial Services Centres Authority is exploring the option of non-bank financial players acting as risk aggregators for small customers in GIFT City to facilitate FX transactions and manage interest rate risk exposures.
Forex settlement next step by GIFT to onshore what's offshore
GIFT City to launch foreign currency settlement system chaired by K Rajaraman, IFSCA, supported by RBI and Clearing Corporation of India. System to settle US dollar transactions between IBUs in real-time. CCIL subsidiary to operate FCSS, aiming for operation by October 2024. Other currencies may be added later
Increasing FTAs key strategy for enhancing financial services exports: DFS Secy
Financial Services Secretary Vivek Joshi emphasized the importance of increasing Free Trade Agreements (FTAs) to boost India's financial services exports during a workshop on financial services in FTAs. The event, jointly organized by the Department of Financial Services (DFS) and Exim Bank, aimed to explore the role of financial services in FTAs and their impact on global trade and economic development.
IIFCL aims to be zero net NPA financial institution during FY25, says MD Jaishankar
IIFCL, the state-owned infrastructure financing firm, anticipates a loan growth of approximately 18% and targets reducing net non-performing assets (NPAs) to zero in the current fiscal year. Gross NPAs at India Infrastructure Finance Company Ltd (IIFCL) decreased to 1.61% in FY24 from 4.76% in the previous year.
IREDA incorporates subsidiary in GIFT City, Gujarat
Pradip Kumar Das, Chairman & Managing Director of IREDA, said, "This subsidiary not only positions IREDA to extend its global reach but also acts as an offshore platform for securing competitive funding to drive the renewable energy sector's growth." He added that IREDA's entry into the IFSC is anticipated to unlock fresh business prospects and establish its global footprint in the renewable energy sector.
Is PM Modi's promise for Madiga sub-quota in Telangana just a 'jumla'?, asks Congress
Congress general secretary Jairam Ramesh questioned Prime Minister Narendra Modi's stance on various promises made in Telangana, including the sub-quota for the Madiga caste, the establishment of a rail coach factory at Kazipet, and the Bayyaram Steel Plant and Hyderabad Information Technology Investment Region (ITIR) projects. Ramesh criticized Modi for not fulfilling these promises and accused him of making empty commitments.
REC gets RBI nod to set up subsidiary in GIFT City
According to the statement, REC Ltd, under the Ministry of Power and a leading NBFC, has received a 'No Objection Certificate' (NOC) from the Reserve Bank of India (RBI) for setting up a subsidiary in Gujarat International Finance Tech-City (GIFT) in Gandhinagar, Gujarat.
India says foreign funds at GIFT City can take full investment from non-resident Indians
SEBI allows GIFT City funds to accept investments from NRIs and Indian-origin citizens, with detailed disclosures required for significant equity holdings. Over 80 fund managers with substantial investments have established funds at GIFT City.
Sebi allows FPIs in GIFT City to take more investments from NRIs & OCIs
Sebi approves increased FPI participation from NRIs and OCIs via IFSCs, simplifies mutual funds' passive schemes. Measures to deter front-running by asset management companies. Issuers can now offer NCDs and NCRPS at reduced face value.
Govt may review tax sops offered to IFSC
The government may need to reconsider the tax incentives offered to units in the International Financial Services Centre (IFSC) in Gujarat due to the impact of Pillar Two of the Base Erosion Profit Sharing framework, according to a Deloitte report. Pillar Two aims to ensure that large multinational companies pay a minimum effective rate of tax of 15% on profits in all countries. Units in IFSC may not have enough employees and assets to avail of the benefits, so they will need to evaluate the overall tax impact in India after the implementation of Pillar Two rules.
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