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Wraith. “The unspoken assumption will be that if a transitional deal is successfully agreed in late March, the market will move to price in May.” — With assistance by Harumi Ichikura
Publication Date Headline Outlet URL Snippet 05-Feb-2018 GIFT city perhaps needs homegrown financial institutions as well.. Mostly Economics Click to open GIFT city perhaps needs homegrown financial institutions as well.. Amidst all the Budget announcements and noise, the one on GIFT City caught my eye. As a student of banking and financial history, one topic which is of huge interest is history of financial centres. How and why certain centres come to emerge as financial centres first at a national stage and then gradually to international/global levels is quite a study. If one understands this development, much of financial development becomes clearer. Alas, the interest in the subject is hardly much. In this context, it is always exciting and interesting to learn about GIFT City in Gandhinagar, Gujarat. It is being shaped as an international financial centre by policymakers compared to the mighty Mumbai which evolved more naturally as a financial centre over a long period of time. GIFT city was one of the top projects of the current Prime Minister when he was CM of Gujarat. Thusm the project has got mentions in the Union Budget. In 2015-16, the Finance Minister said: While India produces some of the finest financial minds, including in international finance, they have few avenues in India to fully exhibit and exploit their strength to the country’s advantage. GIFT in Gujarat was envisaged as International Finance Centre that would actually become as good an International Finance Centre as Singapore or Dubai, which, incidentally, are largely manned by Indians. The proposal has languished for years. I am glad to announce that the first phase of GIFT will soon become a reality. Appropriate regulations will be issued in March. In the recent 2018-19 speech, two mentions of IFSC: 107. International Financial Service Centre (IFSC) at Gift City, which has become operational, needs a coherent and integrated regulatory framework to fully develop and to compete with other offshore financial centres. The Government will establish a unified authority for regulating all financial services in IFSCs in India. 153. The Government had endeavoured to develop a world class international financial services centre in India. In recent years, various measures including tax incentives have been provided in order to fulfil this objective. To further this objective, I propose to provide two more concessions for IFSC. In order to promote trade in stock exchanges located in IFSC, I propose to exempt transfer of derivatives and certain securities by non-residents from capital gains tax. Further, noncorporate taxpayers operating in IFSC shall be charged Alternate Minimum Tax (AMT) at concessional rate of 9% at par with Minimum Alternate Tax (MAT) applicable for corporates. The GIFT City website further lists the fiscal concessions so far. In all these discussions, what is clearly amiss is the need for GIFT city to have its local financial institutions/banks or even a stock exchange. If we look at history of most of these financial centres, there have been some local financial institutions (banks mainly) which has taken the onus for the financial development. In London – Bank of England, New York : NY Fed, Hongkong – HSBC, Singapore- DBS and so on. I mean eventually the foreign financial firms might dominate but to begin with some of these local entities have to be there to take ownership and drive changes. But in GIFT City we are hardly seeing anything of this kind. The government is making it easier for financial firms to operate in the region via granting it Special Economic Zone status and other tax benefits. The idea is forms can just remove the plug from some other region and replug in Gift city. But this will only work in a limited way: It is not that GIFT City has other economic opportunities and it makes sense for FIs/banks to set up a large base in the region. It is a big risk to just come for financial plug and play. Thus, other financial firms are likely to just set up operations sparsely. They already have scale in other major centres from where they generate substantial revenues. Compare this situation to having local institutions like say a GIFT City Bank (or banks) which will be based here and look to do business both in the region and compete with those outside. Its success (hopefully!)will drive more entities to come in the region. I could be wrong here and much of my analysis comes from reading history of the financial centres. Advertisements This entry was posted on February 5, 2018 at 11:49 am and is filed under Discussion, Indian Economy/Financial Markets.You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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05-Feb-2018 Singapore Banks lead th
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04-Feb-2018 February's best Qantas
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04-Feb-2018 Property Transfers: Fra
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03-Feb-2018 0.2 per cent away from
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sale at risk as Nestle bows out - s
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***** WHAT'S ON THE RADAR FOR THE E
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egional STOXX are falling and no su
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In a disastrous opening to the game
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--With assistance from Harumi Ichik
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9.11am GMT Some good news! The euro
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Treasuries to a four-year high. The
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Snippet London, 05 February 2018 --
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Client Service: 44 20 7772 5454 Rel
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organisations. That’s it: the net
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Fund to speed up the development of
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accounts opened in the Seychelles a
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Santander Consumer USA Holdings Inc
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Snippet BITCOIN'S price sunk to an
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Snippet Date: 5th February 2018 Not
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Snippet Hello and welcome to our la
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Snippet | Herpreet Kaur Grewal news
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Nomura to cut London traders? There
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(Helen Reid) ***** MORNING CALL: SE
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'Defensively we made a couple of er
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Almagro, 8, CP 28010, Madrid ES0225
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China Construction Bank (Europe). S
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TO SPREAD TO EUROPE (0618 GMT) Good
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than 20,000 active BCAs. Banks can
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Tomorrow's Daily Telegraph front pa
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5 days ago 10 items Taking on Silic
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marketing and general management ro
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Freshfields Bruckhaus Deringer LLP
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Greenhill & Co. International LLP L
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other purpose. We accept no respons
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160 basis points over 3 months LIBO
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agreed RPI-linked rent review in Ma
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conflicts of interest, valuations,
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FINANCIAL STATEMENTS 1. BASIS OF PR
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leases with tenants. The Directors
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Fair value measurement The fair val
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(continued) Valuation techniques an
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Nick Hewson, Chairman of Supermarke
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property costs) in the Period of £
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Investment Activity The Group acqui
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The property is leased to Tesco und
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the identification of excess space
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The Directors confirm that, to the
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2,186 Changes in fair value of inve
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112,544 Equity Share capital 16 1,2
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Issue of redeemable preference shar
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fair value of the Group's investmen
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3.5 Administrative and other expens
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NOTES TO THE FINANCIAL STATEMENTS 9
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Snippet NOT FOR RELEASE, PUBLICATIO
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other than Tesco for providing the
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Canary Wharf London E14 4BB Citigro
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Greenhill & Co. International LLP D
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Purchase First Tennessee Bank Expre
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we ran out of time. After that, I a
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INDUSTRIES1.92320019281235830.01923
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REP 1/1200 SER 8SUBJ TO XTRO100.01.
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Zealand Dollar 20180204 1.369301000
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Command instead of Control ^ on Mac
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the title of Gamesa. Through the As
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Citibank’s Citi Qantas Prestige V
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3 Dan Cole (Leicester Tigers 77 cap
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Eddie Jones has taken the bold step
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LA TIMES: 5G BREAKS YOUR DNA AND GI
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month. “It (KHRC) is expected to
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time low. The equity recorded a 0.4
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e another non-event. Carter Page Vi
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§ “These [white nationalists] ar
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women like Irene Birungi Mugisha, C
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24019, $131,000 01/19/2018. Vaughan
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Last Thursday at Carton House, coac
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