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FILE PHOTO: A passenger aircraft is silhouetted against the rising moon in New Delhi May 7, 2009. REUTERS/B Mathur/File Photo
NEW DELHI (Reuters) - India’s finance minister on Monday proposed tax benefits for foreign aircraft lessors, as one of the world’s fastest-growing domestic aviation markets looks to establish a local leasing industry.
Nirmala Sitharaman in her budget speech proposed a tax holiday for aircraft-leasing companies and tax exemptions for airlines paying lease rentals to foreign lessors if they choose to be based in the country’s upcoming international finance hub.
India is developing an offshore finance hub called Gujarat International Finance Tec-City, or GIFT City to attract foreign investors with close to zero tax, and top-notch infrastructure in an effort to compete with Hong Kong and Singapore.
Budget 2021: Startup ecosystem reacts to fintech provisions announced by FM Nirmala Sitharaman
Fintech startups across the board welcomed FM Nirmala Sitharaman s Rs 1,500 crore proposal to boost digital payments, saying it was a testament to how the industry proved it worth during the COVID-19 crisis.
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Union Finance Minister Nirmala Sitharaman s Budget 2021 contained several incentives for the burgeoning financial technology industry, which saw monumental growth last year in areas, including
digital payments, retail investments via online brokerage platforms, insurance buying, and digital banking, among others.
Some of these were:
A world-class fintech hub at GIFT City (Gujarat International Finance Tec-City) aimed at encouraging and developing innovative financial technology services and products.
BW Businessworld
HSBC Inaugurates International Banking Unit At GIFT City
HSBC operates in all of the leading international financial service hubs in the world, and looks forward to the development of GIFT City as a globally competitive international financial centre
Photo Credit : Shutterstock
Global financial services major HSBC on Tuesday inaugurated its International Banking Unit (IBU) branch at GIFT City near Gandhinagar city in Gujarat.
HSBC is one of the earliest global financial institutions setting up a branch at India s GIFT City and was the first bank to get a licence from the newly set up International Financial Services Centres Authority (IFSCA), said a release by the company.
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HSBC inaugurates international banking unit at GIFT City
HSBC s IBU branch at Gujarat International Finance Tec City (GIFT City) will be operational for customer transactions with effect from January 27. PTI
Representative image
Global financial services major HSBC on Tuesday inaugurated its International Banking Unit (IBU) branch at GIFT City near Gandhinagar city in Gujarat. HSBC is one of the earliest global financial institutions setting up a branch at India s GIFT City and was the first bank to get a licence from the newly set up International Financial Services Centres Authority (IFSCA), said a release by the company.
HSBC s IBU branch at Gujarat International Finance Tec City (GIFT City) will be operational for customer transactions with effect from January 27, the release said. Surendra Rosha, Group General Manager and CEO, HSBC India, said, We have been closely partnering the development of GIFT City and are pleased with the