Gujarat International Fin-Tec City (GIFT City) is being built as a worldwide financial and IT services hub, similar to globally benchmarked financial centres. It features an International Finance Services Centre ("IFSC")-designated Special Economic Zone. The IFSC was established to handle financial services transactions now carried out outside of India by foreign financial institutions and Indian financial institutions' overseas branches and subsidiaries. Is it permissible for AIFs in GIFT City to invest in foreign companies? Yes, because AIFs established in an IFSC are considered non-resident Indians under India's current foreign exchange regulations, they are able to engage in international firms without obtaining extra regulatory licences. 12. Are there any non-tax benefits available to AIFs in GIFT City, such as increased operational and structural flexibility?
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