Context: 

Two Australian government universities, Deakin University and University of Wollongong, will be the first foreign education institutions to set up campuses in GIFT City, Gujarat.

Image Source: Indian Express

About the news:

• 10 MoUs will be signed between Indian and Australian universities. 
• The two sides will also sign the Mechanism for the Mutual Recognition of Qualifications which locks in the rules for mutual recognition to access education in both countries.

GIFT City:

• The Gujarat International Finance Tec City (GIFT City) is India’s first and only International Financial Services Centre (IFSC) where banks, stock exchanges and financial services firms have set up their global operations.
• Multi Service SEZ: The entire city project has been divided into a multi-service Special Economic Zone (SEZ) spread over 261 acres and exclusive domestic tariff area (DTA) spread over 625 acres.
• Other Benefits: The Centre’s IFSC-related relief measures include tax holiday for capital gains for aircraft leasing companies, tax exemption for aircraft lease rentals paid to foreign lessors, tax incentive for re-locating foreign funds in IFSC and exemption to investment divisions of foreign banks.
• Dispute Resolution: Since it’s a hub of international financial services, the Singapore Arbitration Centre has also been set up for dispute resolution.

                                                                                                                              News Source: The Hindu

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