India's first International Financial Services Centre, IFSC, has became operational at GIFT City in Gandhinagar, Gujarat. Finance Minister Arun Jaitley unveiled the rules and regulations for this global financial hub at a special ceremony organized at Mahatma Mandir in Gandhinagar Friday evening. Speaking on this occasion, Mr. Jaitley attacked the previous UPA government for being lethargic in giving permission to the IFSC. He said things started moving fast under the new government and all the due permissions have been given to IFSC. Finance Minister expressed the hope that the country's first IFSC will give a boost to the economy of Gujarat as well as of the country. AIR Ahmedabad correspondent reports that the regulations unveiled by the Finance Minister are aimed at creating a vibrant IFSC on the lines of those in Dubai and Singapore. IFSC rules allow companies incorporated outside India to raise money in foreign currencies by issuance and listing of their equity shares on stock exchanges within the IFSC, where individual and institutional investors from India and abroad including NRIs, would be allowed to trade.