Maharahstra govt wants exceptions in minimum land rules for the proposed international finance centre to be declared an SEZ

BJP MP and member of Maharashtra task force Poonam Mahajan has said that the commerce ministry is currently considering a proposal to declare an international finance centre (IFC) in Mumbai's Bandra Kurla Centre (BKC) in the coming six to eight months.

This would get India its second IFC, the first one being in the neighbouring state of Gujarat, which was launched last year.


The finance ministry, along with the Maharashtra state government, is working on plans to accommodate the IFC within the rules of financial special economic zones (SEZs), which mark a minimum land requirement of 50 hectares.

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As of now, the proposed IFC has only 35 hectares, which is why the government officials are trying to look for an arrangement which would entitle it for the tag of a financial SEZ.

As per top state government officials, Union Minister of State for Finance Jayant Sinha is working with the commerce ministry so that this rule can be eased and BKC can qualify as a SEZ.

Sinha is also the chairperson of the task force that the Maharashtra government created to make IFC a reality, and Mahajan serves as the deputy chairperson.

If the proposal is accepted, BKC would be entitled to the same incentives as GIFT (Gujarat Financial International Tech City), like tax holidays, exemption from dividend distribution tax, long-term capital gain tax, securities transaction tax and commodity transaction tax.

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