PAYTM GIFT CITY INVESTMENT
ET Explains: LRS for foreign currency accounts in GIFT city
That approval for expanding the scope of services potentially multiplies the business opportunity for banks in the GIFT city more than five times. ET explains what LRS is and the different permissible and non-permissible transactions under this program, and how banks and individuals stand to benefit from the new rules.
RBI's decision on LRS enhances attractiveness of GIFT IFSC: Tapan Ray
RBI said it has been decided that "authorised persons" may facilitate remittances for all permissible purposes under LRS to IFSCs for availing financial services or financial products as per the International Financial Services Centres Authority Act, 2019, within IFSCs.
Residents can open foreign currency a/cs at GIFT City under LRS
Resident Indians can now open foreign currency accounts (FCAs) at Gift City under the liberalized remittances scheme (LRS) for a wider range of purposes. This includes sending gifts to friends abroad, buying property overseas, purchasing insurance, making fixed deposits, paying for education loans, and funding international travel. The Reserve Bank of India (RBI) has expanded the LRS rules at International Financial Services Centres (IFSCs) like Gift City, aligning them with global financial centers.
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
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.
- Go To Page 1
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.
Adani Airports to chart next decade with $21 billion infusion
The business is housed under wholly owned subsidiary Adani Airport Holdings, which currently owns seven operational airports, in Mumbai, Lucknow, Ahmedabad, Jaipur, Guwahati, Thiruvananthapuram and Mangalore. Phase I of city-side development across 98 acres at airports in Mumbai, Ahmedabad, Jaipur, Lucknow and Guwahati has begun.
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.
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.
Budget-day release for FAME-III; Indian VCs need to pivot
Measures to boost the sale of electric vehicles are likely to be announced in the upcoming budget. this and more on today’s ETtech Top 5.
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.
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.
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
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.
GIFTwrap for golden return visa
Golden visa offers citizenship to wealthy Indians. Concerns over exploitation led to restrictions in EU countries. GIFT City in Gujarat provides an 'anti-golden visa' alternative. Mumbai branch proposal aims to attract businessmen back.
Japan's Sumitomo Mitsui Banking Corporation to open branch in GIFT City, Gandhinagar
Sumitomo Mitsui Banking Corporation (SMBC) has been granted approval to establish a branch in GIFT City, Gandhinagar. This move aims to streamline Japanese investments into India by reducing regulatory barriers. GIFT City operates within a special economic zone, encouraging exports and foreign investments, especially from multinational corporations.
Gandhinagar: Sumitomo Mitsubishi Banking Corp gets nod to open branch in GIFT City
SMBC opens branch in GIFT City, easing Japanese investments. Special zone provides tax benefits for offshore borrowing. India's first smart city, GIFT City, caters to diverse client needs with international and domestic banks.
Savvy Group emerges highest bidder to develop GIFT City’s largest commercial project
Ahmedabad-based Savvy Group wins bid to develop GIFT SEZ's largest project, boosting social infrastructure in GIFT City. The project aims to attract foreign corporations, accommodate 20,000 employees, and contribute to the city's expansion into a global financial activity hub.
UAE wealth fund plans $4-5 billion in investments via India's new finance hub: Sources
Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the UAE, plans to set up a $4-5 billion fund in India through GIFT City in Gujarat. ADIA has received in-principle approval from the regulatory authority at GIFT City. ADIA will be the first sovereign wealth fund to invest in India via GIFT City.
Paytm Q3 loss narrows to Rs 222 crore; firm to focus on large-ticket loans
Paytm's revenue from operations for the December quarter increased 38% to Rs 2,850.5 crore. Paytm said the increase in revenue was on the back of accelerated growth in gross merchandise value, payments device additions and an expansion in the financial services business.
In GIFT City, we are building a technology for global cross-border remittances system: Vijay Shekhar Sharma
Vijay Shekhar Sharma, CEO of Paytm, discusses the opportunities offered by GIFT City and the IFSCA. GIFT City is a place where global market access and domestic technology combine, allowing for the development of innovative solutions. Sharma mentions the plan to build a technology in GIFT City that addresses the challenge of global cross-border remittances. Additionally, he highlights the importance Vibrant Gujarat summit as a platform for fintech innovation.
Load More
