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Competitive tax regime a must for GIFTs success, we have proposed3%

Competitive tax regime a


must for GIFTs success, we
have proposed3%
The Gujarat International Finance Tec-City (GIFT) will be the first
international finance centre in the country and will help bring in at
least $50 billion annually from investments.
Written by Surabhi

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Published:Mar 24, 2015, 1:30


Written by Surabhi | Published:March 24, 2015 1:30 am

BUSINESS

The Gujarat International Finance Tec-City (GIFT) will be the first in

finance centre in the country and will help bring in at least $50 bill

from investments, said Ramakant Jha, MD and Group CEO, GIFT Cit

interview with Surabhi, Jha said that he is also in talks with RBI and

transactions in foreign currencies as well as foreign insurers and re


US Federal funds rate
remains unchanged,
defers to global
economicvolatility

up shop in the IFC. Excerpts:

How will the decision by the Sebi board on Sunday help GIFT Ci

There are two parts to GIFT City the domestic financial services c

rules are already in place and the international financial services c


Cost of capital in India
high but easingup

which is a special economic zone. Though there was a lot of interes

investors but they could not operate in the absence of rules. Now, S

approved guidelines for setting up clearing corporations, stock exch


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We are hopeful that things will move fast especially since it has bee

the Union Budget as well. Rules are likely to be finalised by the Min

by March 30 and the Ministry of Commerce will also notify them. W

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We have also sought from the IRDA to allow foreign insurers and re
up branches in the IFC.
Are you also hoping for tax exemptions for GIFT City?

Yes, for the GIFT City to be successful, it must have a competitive ta

otherwise investors can go to other IFCs such as Malaysia, Singapor

line with the Malaysian tax regime, we have proposed that the tax r
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only 3 per cent for the IFC in GIFT City. In Dubai, there is zero per c

we have also sought analternate dispute resolution mechanism on

in Singapore and Dubai to ensure faster resolution of legal disputes


IFC at GIFT City.
What are the immediate plans for GIFT City?

We have already signed memorandum of understanding with the N

for setting up international stock exchanges. I think other foreign in

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