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GIFT SEZ provides approval to 28 entities for setting up units

Tuesday, 07 Jul 2020
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Around 28 entities bagged approval for setting up units in the Gujarat International Finance Tec-City’s (GIFT City) special economic zone (SEZ).

GIFT city, which is located between Ahmedabad and Gandhinagar, has been touted as the template for all other Smart Cities announced by the Central government.

The Development Commissioner of GIFT SEZ along with GIFT SEZ authorities met up with all members of the unit approval committee via teleconference.

All the application documents and details were submitted online by the units, with the entire agenda prepared and circulated online to all the committee members. The expected employment generation by these entities in two-three years is around 2.000 jobs.

To facilitate single window clearance, the government established the International Financial Services Centres Authority to regulate all financial services in International Financial Services Centres (IFSCs) in Gandhinagar.

Currently, banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators -- the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and the Insurance Regulatory and Development Authority of India (IRDAI).

The Central government through a notification appointed 27 April 2020 as the date of the establishment of the International Financial Services Centres Authority and the head office of that authority should be at Gandhinagar, Gujarat.

On 8 May 2020, Union Minister of Finance Nirmala Sitharaman launched INR-USD Futures and Options contracts on the two International Exchanges, viz BSE’s India INX and NSE’s NSE-IFSC, at GIFT International Financial Services Centre at Gandhinagar through video conference.

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