The government issues a notification that exempts eligible units in the Gujarat International Finance Tec-City (GIFT City) located within an International Financial Services Centre (IFSC) from needing a licence to charter foreign vessels. The exemption covers chartering for export-import (EXIM) and other international trade activities. It is issued under the Coastal Shipping Act, 2025, and applies specifically to the licensing requirement for foreign vessel chartering by these IFSC units. Multiple outlets report that the exemption is limited to the IFSC GIFT City entities and does not alter the broader coastal trade regulatory framework. The notification therefore changes a specific compliance requirement related to chartering foreign vessels for EXIM and international business, while leaving existing rules governing coastal trade unchanged.
Government exempts IFSC GIFT City units from licensing to charter foreign vessels
The government issues a notification that exempts eligible units in the Gujarat International Finance Tec-City (GIFT City) located within an International Financial Services Centre (IFSC) from needing...
- The government notifies an exemption for IFSC GIFT City units from a licensing requirement.
- The exemption applies to chartering foreign vessels for EXIM and international trade.
- The notification is issued under the Coastal Shipping Act, 2025.
- Coastal trade rules remain unaffected by the exemption.
- The change is limited to eligible units in the GIFT City IFSC area.
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.
13 hours agoThe exemption allows eligible IFSC GIFT City units to charter foreign vessels for EXIM and international trade without obtaining a licence under the Coastal Shipping Act
13 hours ago
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