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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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ESG
Gujarat International Financial Tec-City, also known as GIFT City, is an 886-acre business district by the banks of the Sabarmati River in Gujarat. It is India’s first operational smart city and also the first International Financial Service Centre (IFSC) under the Special Economic Zone Act, 2005. It is home to high-rise buildings, smart offices, and integrated civic amenities.
As an IFSC, GIFT City enjoys various regulatory and tax benefits unavailable elsewhere in the country. Various financial institutions have been allowed to set up offices in GIFT City, known as IFSC Banking Units (IBUs). These IBUs provide services to domestic and foreign customers. IDFC FIRST Bank is set to establish its IBU in GIFT City and offer its customers unique products that would benefit them.
IDFC FIRST Bank in GIFT City
The presence of IDFC FIRST Bank in GIFT City means that the IDFC FIRST Bank IBU is at par with a foreign branch. This opens many opportunities for the customers of IDFC FIRST Bank, including tax benefits. As an IBU, IDFC FIRST Bank will enjoy various advantages which it can then pass on to its customers. These benefits include,
Single-window clearance -
Special Economic Zone -
Deemed overseas jurisdiction -
GIFT City has a single regulator, the IFSC Authority (IFSCA), backed by the regulatory powers of RBI, SEBI, IRDAI, and PFRDAI. This enables single-window clearance under one umbrella authority.
As an SEZ, GIFT City is suited for foreign companies and NRIs, with features like duty-free imports and exports, tax benefits, and easy regulations.
Transaction, retention, and repatriation of foreign currencies are easier in GIFT City, thanks to its status as a deemed foreign jurisdiction. This makes GIFT City an attractive proposition for foreign nationals as profits, dividends, and investments can be easily repatriated to their home country, thanks to the tax benefits.
Tax-related incentives for NRIs and foreign investors
If you are an NRI with an IDFC FIRST Bank IBU account in GIFT City, you will have numerous NRI account benefits as an investor. NRI tax benefits include -
- Tax exemption benefits on interest income earned
- No currency conversion is involved – you can book deposits or open accounts directly in foreign currency
- No capital gain tax on the transfer of specified securities listed on IFSC exchanges
- Exemption from GST on IFSC exchange transactions
GIFT wrapped
GIFT City is all set to encourage NRI investment in India with attractive benefits and its dedicated suite of foreign currency denominated Global Savings Accounts, Current Accounts and Deposits. Besides, GIFT City acts as a seamless and dynamic ecosystem for investors and businesses across the world.
With IDFC FIRST Bank joining GIFT City, non-residents get the ideal IBU to carry out their banking activities. Unbox the numerous benefits of GIFT City and the unmatched banking experience of IDFC FIRST Bank today with IDFC FIRST Bank IBU.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.