No stamp duty on plane leasing biz at GIFT City

GANDHINAGAR: The Gujarat government on Wednesday announced that the booming international business of aircraft leasing will be exempted from stamp duty at Gujarat International Finance Tec (GIFT) City, the global financial hub in India. Finance Minister and Deputy Chief Minister Nitin Patel also announced a provision of Rs 100 crore for capital investment to GIFT City.

GIFT City is a pet project of Prime Minister Narendra Modi, which has been set up in the state capital Gandhinagar. While making the announcement Nitin Patel said, "Aircraft leasing is a booming business at the international level. To attract this business, Gujarat government has exempted this business being carried out at GIFT City from paying the stamp duty. This will also attract huge investments and great new employment opportunities."

The Finance Minister also announced an allocation of Rs 100 crore for capital investment at GIFT.

Apart from that, a provision of Rs one crore for an 'Excellence Center of International Standard' for the service sector at the GIFT city was also announced by the Labour and Employment department.

The ports and transportation department of Gujarat also announced the setting up of an International Mediation and Arbitration Centre at the GIFT City, which will be established by the Gujarat Maritime Board (GMB), looking at the manifold increase in the maritime traffic in Gujarat. The finance minister said that in the GIFT City, international transactions of more than Rs 1 lakh crore are carried out every day.