People working in GIFT CITY and authorised visitors to be given liquor permit. Hotels can serve liquor but not sell bottles
Gujarat government on Friday allowed alcohol consumption at hotels/restaurants/clubs offering “Wine and Dine” in Gujarat International Finance Tec-City (GIFT City). Liquor access permit will be given to all the employees/owners working in the entire GIFT City in Gandhinagar, stated a notification that gains importance as Gujarat is a dry state.
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Apart from this, a provision has been made to allow authorised visitors of each company to consume liquor in such hotels/restaurants/clubs having temporary permits in the presence of permanent employees of that company.
Hotels/restaurants/clubs located or coming to GIFT City will be able to obtain wine and dine facility i.e. FL3 license there. Officially serving employees of GIFT City and officially visiting visitors can consume liquor in hotels/clubs/restaurants. However, hotels/clubs/restaurants cannot sell liquor bottles, said the goverment.
GIFT City is a tax-neutral financial centre that aims to compete with hubs like Singapore as it provides fiscal incentives and a looser regulatory environment.
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NSE CEO Ashish Chauhan said GIFT City “got a leg up” with this development.
“Interesting development – Gift city in Gandhinagar Gujarat – International Finance Services Center (IFSC) – has got a leg up today. Government of Gujarat has given exemption from alcohol prohibition to certain entities including visitors and residents by issuing a notification,” said Chauhan on X platform (formerly Twitter).
As of June 2023, it is home to 23 multi-national banks including HSBC, JP Morgan and Barclays; 35 fintech entities; two international stock exchanges with average daily trading volumes of $30.6 billion; as well as India’s first international bullion exchange with 75 onboarded jewellers.
Earlier this month, Prime Minister Narendra Modi said India wants to make GIFT City a centre for global sustainable finance to help fund the $10 trillion investment needed to achieve its 2070 net zero emissions goal.
“GIFT IFSC is an efficient channel to make India a low-carbon economy and get the required green capital flow. Issuance of financial instruments such as green bonds, sustainable bonds, sustainability-linked bonds will help the world,” Modi said in a speech.
He said India wants to expand the role of GIFT City to make it a new age financial services and technology nerve centre.
On Thursday, a committee to suggest rules for direct equity listing at international financial centre (IFSC) in GIFT City has recommended depositories in the IFSC and the rest of the county be connected to enable this.
A connection between the depositories would enable the issue of new equity shares directly and allow transfer of existing equity shares, its report released late on Wednesday said.
The IFSC operates as a separate financial jurisdiction with different rules from the broader Indian financial markets.
