India Exempts GIFT City Units from Foreign Vessel Licensing
GIFT city is being set up in Prime Minister Narendra Modi's home state of Gujarat, in the country's west, and offers easier tax rules and regulations.
Units in India's Gujarat International Finance Tec-City (GIFT City) will be exempt from the licensing requirement for chartering foreign vessels for export and import cargo movement, and international trade operations, the government said on Friday.
- GIFT city is being set up in Prime Minister Narendra Modi's home state of Gujarat, in the country's west, and offers easier tax rules and regulations.
- It is being promoted by the government as a financial centre to rival Singapore and Dubai.
- The exemption from licensing is an effort to simplify the regulatory framework governing the chartering of foreign vessels for international shipping operations, the shipping ministry said in a statement.
- It is expected to promote maritime leasing, ship financing, and ship-owning activities through Gift City, it said.
Reuters reported in May that telecom operator Bharti Airtel, U.S.-based Genpact, and autoparts giant ZF Friedrichshafen were among the companies setting up treasury operations in Gift City.
