New Student Offer - HELLO

Join Here

Govt. does amendments to develop International financial service centre (GIFT city)

Published on February 02, 2023
Current context: In the 2023 Budget, Finance Minister Nirmala Sitaraman announced several measures to further boost its development
Govt. does amendments to develop International financial service centre (GIFT city)

  • The Gujarat International Finance Tech City (GIFT) is under construction and is being developed into one of the leading international IT and finance hubs.
  • Some of the measures include the establishment of Data Embassies in the GIFT city for countries seeking digital continuity solutions, setting up a subsidiary of the EXIM bank in GIFT City to provide acquisition financing and aid in trade re-financing, and making amendments to the IFSCA Act to avoid dual regulation and provide provisions for arbitration and ancillary services.
  • Additionally, the IFSCA will be given powers to set up a single window system to facilitate registration and approval from various authorities such as the SEZ, GST, SEBI, RBI, and IRDAI.
  • Tax benefits will also be extended to funds involved in the relocation to the IFSC and GIFT City. These measures are expected to enhance GIFT city greatly.
  • The changes would give GIFT city a boost. It is all a part of Acquisition Financing, where money is given to a business by banks to buy other businesses. The size of a smaller company will grow thanks to acquisition finance. Additionally, it will support the GoI's disinvestment plans.

Question: 

Q.1 Which is India’s first greenfield smart city?
a. GIFT city
b. Kota
c. Ahmedabad
d. ‘Hyderabad

ebook store

About Me

Ramandeep Singh

Ramandeep Singh - Educator

I'm Ramandeep Singh, your guide to banking and insurance exams. With 14 years of experience and over 5000 successful selections, I understand the path to success firsthand, having transitioned from Dena Bank and SBI. I'm passionate about helping you achieve your banking and insurance dreams.

  • Follow me:
Close Menu
Close Menu