Discussions with the Treasury, Sars, FSCA, GEPF and the Government Pensions Administration Agency indicate that the September 1 date would be achievable
Two Japanese banks are poised to join the ranks of 10 foreign and 16 local banks already established in the tax-free GIFT City. This information was disclosed by an official, highlighting the city s growing stature as a hub for international financial activities. Currently, more than 550 businesses, boasting assets totaling USD 47 billion, have registered and commenced operations within the city, marking a substantial contribution to India s economic landscape.
The International Financial Services Centres Authority (IFSCA) is learnt to have approached the ministry of finance and RBI to explore regulatory changes that could pave the way for setting up family offices in GIFT City, the country s only financial services centre, a person familiar with the matter told ET.
The UK-based bank carried out an Overseas Derivative Instrument (ODI) transaction worth $5 million through the foreign portfolio investment route from its GIFT City branch, the top management of the lender and the International Financial Services Authority (IFSCA) said to ET.