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Budget to polish IFSC as global financial 'gem'

  • The 100th Union Budget of India, for the fiscal year 2021-2022 has marked an optimistic outset for the development of the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City) with some noteworthy announcements. Some of these moves are a) ‘Safe harbour’ conditions for eligible funds and eligible fund managers in IFSC b) Tax incentives for relocation of offshore funds to IFSC, and c) Tax incentives for investment division of offshore banking units in IFSC (IBU) These steps have been taken with a view to not only make IFSC attractive for foreign investments but also to limit the ‘domestic drain’ of onshore funds in favour of fund jurisdictions such as Mauritius, Cayman Islands, Singapore, etc. This Budget clearly sought to instill confidence among investors looking to set up shop in GIFT City. And with the above-mentioned announcements, India has taken a significant step in this very direction. Watch this video with Khaitan & Co Partner, Siddharth Shah for more.

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