Budget Proposes International Arbitration Centre In The GIFT City
New Delhi, Feb 1: Seeking to strengthen dispute resolution mechanism, Finance Minister Nirmala Sitharaman on Tuesday proposed to set up an international arbitration centre in the GIFT City in Gujarat. “An International Arbitration Centre will be set up in the GIFT City for timely settlement of disputes under international jurisprudence,” Sitharaman said while presenting Union Budget in Lok Sabha on Tuesday.
The Minister also said that world-class foreign universities and institutions will be allowed in the GIFT City to offer courses in financial management, fintech, science, technology, engineering and mathematics free from domestic regulations, except those by IFSCA to facilitate availability of high-end human resources for financial services and technology. “Services for global capital for sustainable & climate finance in the country will be facilitated in the GIFT City,” Sitharaman said.
Tapan Ray, MD & Group CEO, GIFT City hailed the government move saying that Budget announcements reiterate the commitment of Ministry of Finance towards energizing the regulatory ecosystem at GIFT IFSC which will have a huge multiplier effect for the country’s economic growth. “The setting up of world class universities without any domestic regulation will facilitate skilled manpower in the financial services space. International arbitration centre will strengthen the dispute resolution mechanism at GIFT IFSC and enhance ease of doing business at GIFT,” he said. He further added, “The exemption of income tax would promote various business activities such as ship leasing & financing, offshore fund management and offshore banking activities in GIFT IFSC
