To enhance business activities in GIFT IFSC, Finance Minister Nirmala Sitharaman on Wednesday announced a host of measures, including establishing a subsidiary of EXIM Bank for trade re-financing and allowing acquisition financing by IFSC Banking Units of foreign banks. Besides, she proposed an amendment to International Financial Services Centres Authority (IFSCA) Act for statutory provisions for arbitration, ancillary services, and avoiding dual regulation under the Special Economic Zone (SEZ) Act. The Budget also announced delegating powers under the SEZ Act to IFSCA to avoid dual regulation and setting up a single window IT system for registration and approval from IFSCA, SEZ authorities
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