The branch will be the Bank of Maharashtra’s first unit for offshore banking operations from India. The GIFT City is the first IFSC in India, aimed at revolutionising the country’s financial ecosystem. The centre has also become a hub for fintech innovation and global investments, generating jobs and attracting institutions across banking, education and technology centres. The government has proposed to extend the existing relocation regime to Exchange Traded Funds (ETFs), which track popular market indices such as the Sensex and Nifty. Non-residents availing life insurance from IFSC-based insurance offices will also benefit from amendments to the existing Clause 10D of Section 10, set to take effect on 1 April 2025. The amendments will facilitate easier access to global capital for Indian start-ups and companies in the sunrise and the technology sectors. The relocation of an original fund to a resultant fund will also be considered a tax-neutral transaction. The Government’s goal is to provide an agile and world-class regulatory and business environment in the IFSCs, thereby strengthening India’s position in the global financial system.
