GIFT city Current Affairs
Category Wise PDF Compilations available at This Link
Belgium has become the first country to open an honorary consulate office in Gujarat International Finance Tec-City (GIFT City), Gandhinagar, Gujarat. Belgium already has two Consulates-General in Mumbai and Chennai, and an honorary consulate in Kolkata. The consulate was inaugurated by Belgian Secretary of State for Foreign Trade, Pieter De Crem.
Hari Sankaran, Vice-Chairman and MD, Infrastructure Leasing & Financial Services (IL&FS), has been nominated as Honorary Consul of the Kingdom of Belgium to the state of Gujarat. Gujarat and Belgium have strong historic ties surrounding the diamond industry.
GIFT is a central business district (CBD) located between Ahmedabad and Gandhinagar in the state of Gujarat. GIFT will be built on 886 acres of land to provide high-quality physical infrastructure with facilities like electricity, water, gas, district cooling, roads, telecoms and broadband services to woo finance and tech firms to relocate their operations from Mumbai, Bangalore, Gurgaon etc. GIFT will include a special economic zone (SEZ), international education zone, integrated townships, an entertainment zone, hotels, a convention center, an international techno park, Software Technology Parks of India (STPI) units, shopping malls, stock exchanges and other service units. The likely cost of the GIFT City project is Rs 70,000 crore.
Gujarat International Finance Tec-City Company Limited (GIFTCL) is responsible for developing and implementing the project. GIFTCL is a joint venture of Gujarat Urban Development Company Limited (GUDCOL) and Infrastructure Leasing & Financial Services (IL&FS).
Prime Minister Narendra Modi inaugurated India’s first international exchange India INX at the International Financial Service Centre (IFSC) of GIFT (Gujarat International Financial Tech) City Gandhinagar, Gujarat.
India INX is a wholly-owned subsidiary of the Bombay Stock Exchange (BSE). It will enable Indian firms to compete on equal footing with offshore firms.
- India INX will initially trade in equity derivatives, currency derivatives, commodity derivatives including index and Stocks. Subsequently, it will offer depository receipts and bonds once required infrastructure is ready.
- It will work for 22 hours in a day working from sunrise to sunset i.e. starting when Japan exchanges begin and close when US markets end. It will have 250 trading members including commodity and overseas brokers.
- India INX is one of the most advanced technology platforms with turnaround time of 4 seconds. It will facilitate international investors and NRIs to trade from anywhere in the world.\
- It will provide benefits in terms of waiver of security transaction tax, commodity transaction tax, dividend distribution tax, long term capital gain tax and income tax.