Govt Eases Shipping Rules for GIFT City to Spur Maritime Leasing, Finance
- The Indian government has exempted eligible units at the International Financial Services Centre in GIFT City from needing a licence to charter foreign vessels for exports, imports, and international trade operations to boost maritime leasing and finance activities.
- This exemption aims to position GIFT City as a globally competitive maritime leasing and financing hub by simplifying regulations.
- Union Minister Sarbananda Sonowal highlighted that reforms and infrastructure development over the past 12 years have laid a strong foundation to enhance competitiveness and efficiency in India's maritime sector.
- The exemption applies only to licensing under Section 11 of the Coastal Shipping Act, 2025, and does not alter the existing cabotage rules governing coastal trade.
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11 Articles
India Boosts Maritime Financing at GIFT City with Key Reform
The Indian government has exempted certain units at GIFT City from needing licenses to charter foreign vessels, enhancing maritime leasing and financing. This reform, under the Coastal Shipping Act, 2025, aims to elevate GIFT City as a global maritime hub and bolster India's position in maritime services.
India exempts GIFT City units from foreign vessel licensing
Units in India's Gujarat International Finance Tec-City (GIFT City) will be exempt from the licensing requirement for chartering foreign vessels for export and import cargo movement, and international trade operations, the government said on Friday.
Govt exempts IFSC GIFT City units from licensing requirement for chartering foreign vessels
The government has exempted GIFT City IFSC units from needing a licence to charter foreign vessels for Exim and international trade. The move, notified under the Coastal Shipping Act, 2025, leaves coastal trade rules untouched.
Govt exempts GIFT City IFSC units from licence requirement for chartering foreign vessels - The Tribune
The Centre has exempted eligible units operating from the International Financial Services Centre (IFSC) at GIFT City from the requirement of obtaining a licence to charter foreign vessels for exports, imports and international trade operations, in a move aimed at boosting maritime leasing and financing activities in India.
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LatestlyGovt exempts GIFT City IFSC units from licence requirement for chartering foreign vessels
The Centre has exempted eligible units operating from the International Financial Services Centre (IFSC) at GIFT City from the requirement of obtaining a licence to charter foreign vessels for exports, imports and international trade operations, in a move aimed at boosting maritime leasing and financing activities in India.
Govt eases shipping rules for GIFT City to spur maritime leasing, finance
GIFT City IFSC units are now exempt from a specific shipping license. This exemption aims to boost India's maritime leasing and financing ecosystem. The move simplifies regulations for international trade operations and foreign vessel chartering. It is expected to attract global capital and encourage maritime business activities. This reform supports India's vision for a leading maritime services center.
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