Q. Consider the following statements regarding “Gujarat International Finance Tech-city (GIFT) SEZ”:
1.It is India’s first International Financial Services Centre (IFSC) under Special Economic Zone Act, 2005.
2.GIFT IFSC is a Multi Services Special Economic Zone with 105 hectors of land and commenced its business in April 2015.
Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: C
Notes:

Explanation: Gujarat International Finance Tech-city (GIFT) SEZ is India’s first International Financial Services Centre (IFSC) under Special Economic Zone Act, 2005 (“SEZ Act 2005”).

  • It is being developed as a global financial services hub. GIFT IFSC is a Multi Services Special Economic Zone with 105 hectors of land and commenced its business in April 2015.
  • Government of India operationalised International Financial Services Centre (IFSC) at GIFT Multi Services SEZ in April 2015.
  • The Union Budget 2016 provided competitive tax regime for the IFSC at GIFT SEZ.
  • It is the vision of the Hon’ble Prime Minister that GIFT IFSC emerges as a hub for international financial services activities.

Source: Economic Survey & https://giftsez.com/gift-financialhub.aspx