An alternative dispute solution center will be established at the famous International Finance Service Center, known as Gift City in Gandhinagar, Gujarat. The Central Government is working on amendment in rules or legal provisions for the establishment of the dispute resolution center. This center will also resolve international level disputes. The management of the International Finance City will not be able to resolve the disputes until reforms are made by the central government.
The central government first proposed to set up an international abortion center in the budget of 2022-23. A committee of experts was formed to consider the establishment of the International Maternity Center only after this proposal came to light. This committee of experts submitted its recommendations in July 2024. It will take four to six months to complete the work in this direction.
In the budget of 2025-26, if the premium is paid in the dollar to buy units linked insurance policies and endowment schemes sold through gift cities, it has been decided to tax the insurance scheme tax-free. Yes, there is also a condition that the premium for this should not exceed 10 percent of the total insurance amount.
It is estimated that the dispute resolution market will reach $ 14.50 billion by 2030. Therefore, this step is being taken to ensure that Indians do not have to spend money by going abroad to resolve international disputes, for this, the arbitration center will be set up in the GIFT City itself. In addition, the government has also established the International Arbitration Center to receive applications from countries around the world. It is also being speculated that cases of disputes related to companies around the world will come to the proposed center in Gift City. Dispute matters arising at the International Finance Service Center will also be settled at this center. This center will be given powers like the High Court.
Currently around 750 companies are active in Gift City. Companies with unit companies in GIFT City use Singapore International Arbitration Services in case of any dispute. A seat-bench of the Singapore Obtration Center is also active in Gift City. Companies operating in Gift City will be able to take advantage of the dispute solution center established in Gift City itself. Global leaders from across the country will come to Gift City. Global investors will also cooperate in this. This center will serve to provide efficient, effective and quick solutions to their disputes.
