The IFSCA Act, 2019 collapsed four domestic regulators into one window. The IFSC currency is foreign. FEMA does not bite inside. Section 80LA is the door. GIFT City is now structurally closer to Singapore or Dubai than to mainland India.
IFSCA · IBU
IBU set-up as a branch of an Indian or foreign bank under IFSCA Banking Regulations, 2020 — capital, leverage, KYC and supervisory architecture.
IFSCA · FME
Authorised / Registered FME under the IFSCA FME Regulations, 2022 for AIF (Cat I/II/III), retail schemes and PMS — with Family Investment Fund overlay.
IFSCA · Aircraft Lease
Operating lease, finance lease and asset management under IFSCA (Aircraft Lease) Regulations, 2022 — replacing offshore structures.
IFSCA · IIBX
Qualified Jeweller status, IIBX settlement, customs sequencing and onshore consumption / re-export architecture under IFSCA Bullion Regulations.
80LA · 115JB · GST
Section 80LA 100% holiday for 10/15 years, concessional MAT, GST exemption on services to non-residents and FEMA-neutral capital flows.
IFSCA · Fintech · IIO
IFSCA Fintech Entity framework / regulatory sandbox, IFSC Insurance Office (IIO), reinsurance and insurance intermediation under IFSCA Insurance Regulations.
IBU vs FME vs Aircraft Lease vs IIBX vs Fintech vs IIO. Output: a one-page activity decision and the corresponding IFSCA regulation that governs it.
Branch (for IBU), Company, LLP or Trust — with Indian or foreign parent. Tax residency and Section 80LA eligibility designed in.
Application package, capital adequacy demonstration, fit-and-proper and key managerial personnel proposal — sequenced for one-window approval.
SEZ developer / co-developer formalities, GIFT IFSC unit approval, GIFT IFSC Authorised Dealer link, AD Bank for FEMA-neutral flows.
Income-tax filing of Form 10CCF, Chartered Accountant audit and segmental P&L for IFSC source income — from Year 1.
IFSCA periodic returns, IBU prudential reports, FME audited NAV, transfer pricing, FATCA / CRS and ongoing IFSCA inspections.
GIFT City houses India’s only International Financial Services Centre (IFSC), notified as a deemed foreign territory under the Special Economic Zones Act, 2005 and regulated by a single unified regulator — the International Financial Services Centres Authority (IFSCA) — established under the IFSCA Act, 2019. That single Act replaced four domestic regulators (RBI, SEBI, IRDAI, PFRDA) for IFSC activity, collapsing the regulatory perimeter for banking, capital markets, insurance and pension into one window. The currency of operation is foreign (USD-denominated). FEMA does not apply inside the IFSC for transactions with non-residents. The architecture is structurally closer to Singapore or Dubai than to mainland India.
Section 80LA of the Income-tax Act, 1961 grants a unit established in an IFSC a deduction of 100% of its income from the IFSC business for any 10 consecutive assessment years out of 15, beginning from the year in which the registration is obtained. To claim the holiday, the unit must (i) be set up at the IFSC, (ii) hold a valid IFSCA registration, (iii) compute IFSC-source income separately, and (iv) file Form 10CCF audited by a Chartered Accountant. The MAT under Section 115JB is also payable at a concessional rate (9% in lieu of 15%) for IFSC entities. The State has also amended the Gujarat GST architecture to exempt service supplies to non-residents.
The IFSCA (Fund Management) Regulations, 2022 created a single, comprehensive licensing regime for fund management activity at the IFSC. An applicant registers either as (i) Authorised FME — to manage only Venture Capital schemes from accredited investors and AIFs under specified caps; (ii) Registered FME (Non-Retail) — to manage AIFs (Category I, II or III) for non-retail investors including HNIs; or (iii) Registered FME (Retail) — to manage retail schemes / mutual fund-like products and PMS. The FME regime also accommodates the Family Investment Fund (FIF) — a single-family vehicle that pools family capital for investment within the FME framework, attracting Section 80LA.
The IFSCA (Aircraft Lease) Regulations, 2022 (read with the IFSCA Framework for Aircraft Lease) permit IFSC entities to undertake aircraft operating lease, finance lease, asset management and ancillary activities including helicopters, business jets and ground support equipment. The framework allows DGCA-route Indian airlines to lease aircraft from an IFSC-based lessor, replacing offshore leasing structures historically run out of Ireland. The capital adequacy norm, leverage cap and reporting are administered by IFSCA. Combined with Section 80LA, the structure offers a tax-neutral leasing platform at par with the foreign jurisdictions historically used.
The India International Bullion Exchange (IIBX) is the first international bullion exchange in India, operating from GIFT City IFSC under IFSCA regulation. Bullion can be imported into IFSC vaults by Qualified Jewellers, settled through the IIBX clearing corporation, and either consumed onshore (after customs clearance and IGST) or re-exported. The IFSCA (Bullion Exchange) Regulations, 2020 read with Bullion Market Regulations create the prudential, KYC, surveillance and storage architecture. The structure replaces the historical fragmented import-by-bank route with a transparent on-exchange settlement.
GIDC plot, Mega Project incentive, India Semiconductor Mission 50% + Gujarat 40%.
Tata–PSMC fab, DSIRDA permits, Town Planning Scheme and plug-and-play.
Treaty, transfer pricing, GST cross-border and Equalisation Levy / SEP exposure.
IFSCA registration, Section 80LA architecture and the operating compliance grid — from Day 0.