New Delhi: The Central Government has given major relief to the units established in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat, by exempting them from the requirement to obtain a licence for foreign vessels taken on charter.

As per the notification issued by the Ministry of Ports, Shipping and Waterways on 7 July 2026, this exemption has been granted under Section 37 of the Coastal Shipping Act, 2025. Under this, foreign vessels taken on charter by any entity established in the IFSC of GIFT City will not be required to obtain a licence under Section 11 of the Act.

This decision of the government is expected to boost maritime finance, ship leasing and related international businesses operating in GIFT City. Also, simplifying the chartering process for foreign vessels will help India’s IFSCs become more competitive in the global maritime financial services sector. DeshGujarat