<span style="color: #222222;">Union Minister for Finance and Corporate Affairs Nirmala Sitharaman has reviewed the efforts made to develop the  International Financial Services Centre (IFSC) at GIFT City in Gandhinagar as a gateway to global financial services for Indian corporates and cleared two proposals of  International Financial Services Centres Authority (IFSCA).    </span><br />'' <br />'' <span style="color: #222222;">One of the proposals is related to the 269.05 cr rupees supervisory technology fund for It Infrastructure and the other is  200 cr rupees for headquarter building.</span><br />'' <span style="color: #222222;"> <br />'' During her day-long visit to GIFT city in Gujarath today, she underlined that IFSC-related measures announced in the last year's budget include tax holiday for capital gains for aircraft leasing companies, tax exemption for aircraft lease rentals paid to foreign lessors, tax incentive for relocating foreign funds in IFSC & exemption to investment divisions of foreign banks.<br />'' <br />'' Mrs. Sitharaman was also briefed about the Bullion vaulting facility in Pragya Tower during her visit to GIFT City. She also inspected a 4.5 km-long underground utility tunnel at the City, which allowed GIFT city to be a "digging-free city" as all utilities run through the tunnel. </span><br />'' <br />'' <span style="color: #222222;">The tunnel runs across the city for easy access at any point. The tunnel at GIFT City also accommodates all the utilities including power cables, raw water supply pipeline as well as treated water supply pipeline, ICT cables and automated waste collection pipeline. The Union Finance Minister was accompanied by the Minister of State for Finance Pankaj Chaudhary, Dr. Bhagwat Karad along with senior officials of Finance and Corporate Affairs ministries during the visit.</span><br />''