The commerce ministry is examining a proposal to declare an international finance centre (IFC) in Mumbai’s Bandra Kurla Centre (BKC), BJP MP and member of Maharashtra task force Poonam Mahajan said. A decision will be taken in six to eight months and India could well end up with two IFCs in neighbouring states as Maharashtra government is very keen on the proposal.
The finance ministry and the state government are working to accommodate the proposal within the rules governing financial special economic zones (SEZs).
These rules stipulate a minimum land requirement of 50 hectares. BKC’s IFC now only has 35 hectares and government officials are trying to work some kind of an arrangement to make BKC compatible with financial SEZ rules.