PIL activists should declare source of funds: Arun Jaitley

GANDHINAGAR: Union finance minister Arun Jaitley on Friday pointed out that while setting up Gujarat International Finance Tec-City (GIFT), the institution had to go through hurdles posed by Public Interest Litigations ( PIL). He said those who file PILs against such developmental projects should declare their source of funding for the sake of transparency.

Already, several financial institutions, including BSE and NSE, have signed MOUs with GIFT and sources within GIFT claimed that several other banks are queuing up to set shop there. Jaitley released the regulations and guidelines for International Financial Services Centre (IFSC) at a conference in Gandhinagar.

This facility on the outskirts of Gandhinagar is the first finance hub or IFSC in the country at this moment.

The declaration of the regulations is expected to open the gates for off shore banking, insurance and capital market activities in a big way and arrest the outflow of business that the current financial market of the country cannot hold.

Jaitley in his address indicated further tax reforms to attract the global players in the sole IFSC in India. He also lauded the planning of the GIFT City and its futuristic planning and hoped that other states will also emulate the example if not for setting up IFSCs, but to create smart cities.