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September 22, 2015

Foreign MNCs waiting for clarity on regulations

In an interview to DNA, Ahmedabad published on September 22 2015, GIFT CEO Ajay Pandey believes that the Multi-National Foreign Financial Institutions have not shown a great interest in India’s first IFSC at GIFT City. It is believed that regulations which were unveiled by Finance Minister Arun Jaitley in April 2015 have not prompted the MNCs to start thinking of GIFT City as their place of business. MNCs are awaiting clarifications and details on some of these regulations before they decide on setting-up their operations.

It is critical for GIFT City to have Foreign MNCs to set-up their operations in order for it to cater to its tag of IFSC which is a deemed foreign territory. Since GIFT is a deemed foreign territory, it has the advantage of liberal regulatory regime with respect to its international transactions.

Though the GIFT City project is delayed and hence there is skepticism on its viability but it is widely believed that GIFT will be able to maintain its competitiveness with global IFSCs as also with Indian cities like Bengaluru, Gurgaon, NCR and others. The success of GIFT depends on its world-class infrastructure as also the low cost of operations. A part of GIFT is approved as a Special Economic Zone (SEZ) and hence entitled to exemptions from Central and State taxes.

Some of the major financial institutions at GIFT who are allotted space are:
State Bank of India
Life Insurance Corporation                                         
ICICI Bank
Standard Chartered Bank                                
Axis Bank                                                               
IDBI Bank
Yes Bank                                                      
Kotak Mahindra Bank                                                
Corporation Bank
J P Morgan Chase & Co                                   
Bank of India

 

 

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