CURRENT AFFAIRS

Detailed explanation-1: -Standard Chartered - one of the leading international banks - will become the first foreign bank to launch operations at International Financial Services Centre (IFSC) located in Gujarat International Finance Tec – City (GIFT City).

Detailed explanation-2: -“We welcome Deutsche Bank, one of the leading European banks to launch its offshore banking operations at GIFT IFSC. This will serve as a primer for renowned banks from other geographies to consider GIFT City a viable destination for international financial services.

Detailed explanation-3: -Foreign banks too started to appear, particularly in Calcutta, in the 1860s. Grindlays Bank opened its first branch in Calcutta in 1864. The Comptoir d’Escompte de Paris opened a branch in Calcutta in 1860, and another in Bombay in 1862; branches followed in Madras and Pondicherry, then a French possession.

Detailed explanation-4: -Tax incentives in GIFT-IFSC Tax holiday for capital gains for aircraft leasing companies, tax exemption for aircraft lease rentals. No GST on services received by these companies, provided to IFSC SEZ units or offshore clients.