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Interim Budget extends tax benefits for startups, sovereign wealth funds, GIFT IFSC units
Money Control
·
1y ago
Medial
Finance Minister Nirmala Sitharaman has announced an extension of tax benefits for startups, sovereign wealth funds, and businesses in the International Financial Services Centre in GIFT City until March 2025. Startups eligible for tax benefits will continue to receive a 100% tax rebate on profits for the first three years of operation, within a total period of ten years, as long as annual turnover does not exceed Rs 25 crore. Sitharaman also mentioned the establishment of a Rs 1 lakh crore corpus for low-interest loans to encourage research and innovation in sunrise sectors.
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Related News
FM’s gift: Startups get a tax breather
Livemint
·
1y ago
Medial
The interim budget has extended the deadline for startups, sovereign funds, and certain businesses in Gujarat International Finance Tec-City (GIFT-City) to claim tax breaks. Startups and investments by sovereign wealth or pension funds can now avail of tax benefits until 31 March 2025. Similarly, tax breaks for businesses in GIFT City have been extended until the same date. However, no extension has been granted to new manufacturing companies. The industry welcomed the extensions but expressed disappointment over the lack of benefits for new manufacturing units.
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How Budget 2025 makes GIFT City even more attractive for investors
VCCircle
·
6m ago
Medial
The 2025 budget introduces enhancements for GIFT City to attract more investors, expanding tax exemptions and benefits for financial institutions in this special zone. Key amendments include broadening tax exemptions from AIF funds to ETFs and extending tax benefits to FPIs and insurance proceeds beyond premium limits. Treasury operations in IFSC will also avoid "deemed dividend" tax, and conditions for offshore funds are relaxed. These measures aim to boost investment and fortify GIFT City's global financial status.
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ADIA plans to invest $4-5 bn in India via GIFT City fund
VCCircle
·
1y ago
Medial
Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in UAE, is establishing a $4-5 billion fund to invest in India through a tax-neutral finance hub in Gujarat. ADIA has received in-principal approval from the regulatory authority of Gujarat International Finance Tec-City (GIFT City). This move allows ADIA to become the first sovereign wealth fund to invest in India via GIFT City and strengthens ties between the UAE and India. The funds will be invested over time, and GIFT City offers various benefits, including a 10-year tax holiday and proximity to Indian markets.
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GIFT city’s role in elevating India’s startup ecosystem
Inc42
·
1y ago
Medial
GIFT City, located in Gujarat, India, is the country's first International Financial Services Centre (IFSC) and aims to establish itself as a global financial hub. It provides numerous benefits for startups, including access to funding opportunities, a pro-business climate, and a culture focused on innovation. Startups in GIFT City can avail themselves of tax exemptions for up to 10 years, enjoy a competitive tax rate, and have the ability to retain funds in foreign currency. Additionally, a regulatory sandbox is available for fintech startups, promoting the development of innovative ideas in the financial services sector.
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ADIA starts operations in India's GIFT City finance hub
VCCircle
·
10m ago
Medial
- ADIA, the largest sovereign wealth fund in the UAE, has started operations in India's tax-neutral finance hub, GIFT City. - GIFT City is a financial services hub that offers a 10-year tax holiday and no taxes on funds transfer from overseas jurisdictions. - The UAE is the largest Arab investor in India, with investments amounting to around $3 billion in the last fiscal year. - ADIA had announced its intention to establish a presence in GIFT City in July 2023. - The sovereign fund is setting up a $4-5 billion fund to invest in India through the finance hub.
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What investment opportunities does Gift city offer to NRIs?
Money Control
·
10m ago
Medial
The GIFT International Financial Services Centre (GIFT IFSC) in India is gaining traction as a wealth management destination for high-net-worth individuals. It offers opportunities for fund managers to raise money from international investors, while also allowing Indian funds to launch products with investments in overseas jurisdictions. Banks are permitted to open accounts for managing international investments, and several leading banks have already established branches in GIFT city. Investment opportunities are available through the alternative investment fund (AIF) route, with a minimum investment size of $150,000. The GIFT IFSC aims to create a world-class finance and IT zone for India's financial services industry.
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GIFT City Officials Knock On RBI Door For Setting Up Dollar Payment System
Inc42
·
1y ago
Medial
Discussions are underway to establish a dollar payment system at GIFT City, the international financial center in Gujarat, India. The system aims to address delays in dollar transactions, currently taking several hours, from a bank's nostro account abroad to a GIFT City subsidiary. One proposal being considered involves creating a settlement bank in GIFT City, through which transactions would be conducted. The Clearing Corporation of India could potentially operate as a facilitator for this system. The government is working to develop GIFT City into a global financial hub and attract investment from sovereign wealth funds and startups.
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NTPC to raise $750 million from BoB, HDFC
Economic Times
·
1m ago
Medial
NTPC, India's largest power producer, has signed a $750 million external commercial borrowing term loan agreement, comprising a $500 million base issue from Bank of Baroda and a $250 million greenshoe option from HDFC Bank. The loan, executed through IFSC banking units in GIFT City, is intended for NTPC's capital expenditure financing.
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NTPC signs $750 billion foreign currency loan
Economic Times
·
1m ago
Medial
NTPC Ltd. has secured a $750 million foreign currency loan from Bank of Baroda and HDFC Bank's IFSC Banking Units in GIFT City, Gandhinagar. This syndicated External Commercial Borrowing (ECB) facility includes a base amount of $500 million and a $250 million greenshoe option. The funds will support NTPC's capital expenditure for capacity expansion, renewable energy, FGD projects, and refinance existing ECBs. This marks HDFC Bank's first foreign loan to the company and Bank of Baroda's largest foreign currency lending.
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In Charts: How Middle East sovereign funds are cementing their global dominance
VCCircle
·
1y ago
Medial
Middle East sovereign wealth funds, including Saudi Arabia's Public Investment Fund, increased their investment activity in 2023 and expanded their influence in the global market. These funds outpaced state-backed investors from other countries like Singapore and Canada. Saudi Arabia's sovereign wealth fund took the lead in dealmaking.
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