Consider the following statements regarding Gujarat International Finance Tech (GIFT) city:
1. It is India's first International Financial Services Centre (IFSC) set up under the Special Economic Zone Act, 2005.
2. Income received from portfolio management services by the Offshore Banking Unit is exempted from tax in GIFT-city.
Which of the statements given above are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2