The government on Friday exempted units operating in the International Financial Services Centre (IFSC) at GIFT City from obtaining a licence under Section 11 of the Coastal Shipping Act, 2025 for chartering foreign vessels for export-import (EXIM) and international trade operations, in a move aimed at strengthening India's maritime leasing and financing ecosystem.
The exemption, notified by the Ministry of Ports, Shipping and Waterways under the Coastal Shipping Act, 2025, removes the requirement for eligible IFSC units to obtain a licence from the Director General of Shipping for chartering foreign vessels for operations covered under Section 11.
