The bill seeks to setup an authority- The International Financial Services Centres Authority. Useful Links. New Delhi [India] Aug 28 (ANI/Digpu): Singapore has over the years emerged as a top International Finance Centre (IFC) and the Singapore Exchange (SGX) has found a successful niche in licensing of indices from other jurisdictions such as China, Stock exchanges operating in the GIFT IFSC will be permitted to offer trading in securities in any currency other than the Indian rupee. You do not have an account.? Global tax management and cross-border tax liability optimization, which provides a business opportunity for financial intermediaries, accountants and law firms. GIFT City is central business hub with state-of-the-art infrastructure and a first of its kind development in India. Mains level : Banking regulation in India. All powers exercisable by the respective financial sector regulatory (viz. From UPSC perspective, the following things are important : Prelims level : IFSC Bill. The first IFSC in India was set up at Gujarat International Finance Tec-City (GIFT) in Gandhinagar, Gujarat. An IFSC caters to customers outside the jurisdiction of the domestic economy. IFSC Authority Bill, 2019 . What is the need for such an Authority? Create An Account Here. Under this Sandbox framework, entities operating in the capital market, banking, and insurance and financial services space shall be granted facilities to experiment with innovative FinTech solutions. Follow us on In a bid to shore up volume and liquidity at the country's only International Financial Services Centre (IFSC), its regulator is making a strong pitch before the Reserve Bank for including GIFT City in the liberalised remittance scheme (LRS). The Bill will be applicable to all International Financial Services Centres (IFSCs) set up under the Special Economic Zones Act, 2005. Such centres deal with flows of finance, financial products and services across borders. Get all the live Quotes on INDIA 50 Futures and options, real time prices of Equity, currency and commodity derivatives. What are the services an IFSC can provide? The International Financial Services Centres Authority Bill, 2019 is likely to be taken up by Parliament. The SEZ Act 2005 allows setting up an IFSC in an SEZ or as an SEZ after approval from the central government. UPDATE. What is an IFSC? An IFSC deliberately provides Indian corporates with easier access to global financial markets. Need for and the benefits of a unified authority: Multiple regulators: Currently, the banking, capital markets and insurance sectors in IFSC are … Since the 2015 launch of International Financial Services Centre (IFSC) in Gujarat's GIFT City, several initiatives at policy, regulatory and operational levels have helped India’s IFSC dream take shape and gain attention from far and wide. GIFT (Gujarat International Finance Tec-City), located in Gandhinagar is India’s first International Financial Services Centre. RBI, SEBI and IRDAI. Jan 12, 2021 - GIFT City & International Financial Service Center (IFSC): Features & Benefits UPSC Video | EduRev is made by best teachers of UPSC. GIFT City is an emerging global financial and IT services hub, a first of its kind in India, designed to be at or above par with globally benchmarked business districts. In Chapter 3 of the report, the committee has also recommended that companies incorporated outside India should be permitted to list their equity shares on stock exchanges established within IFSC in GIFT City. … It was promoted by the Government of Gujarat as a greenfield project. Global and regional corporate treasury management operations that involve fund-raising, liquidity investment and management and asset-liability matching. This is "GIFT city: IFSC: Special SEZ" by upsc prep on Vimeo, the home for high quality videos and the people who love them. We're not around right now. IT companies and IFSC units can operate from the same zone, GIFT SEZ. GIFT City and Deloitte Signs MoU to Promote IFSC at GIFT City - March 27, 2018 Export at GIFT SEZ jumps 500, Leads in Services SEZ in the State - March 9, 2018 India bets Fledgling Financial Zone can bring Derivatives Trading Home ( Financial Times) - March 6, 2018 Can an IFSC be set up in a special economic zone (SEZ)? Their functions and how are they regulated? At the Union Budget 2020, Finance Minister Nirmala Sitharaman had announced that India will soon have an IBE at the IFSC in GIFT City in Gandhinagar. UPSC Prelims 2020 Question Paper With Answer Key. Today, Insights is synonymous with UPSC civil services exam preparation. Currently ~190,000 m2. Five years of the launch of International Financial Services Centre (IFSC) in Gujarat’s GIFT City. IFSC. It would provide Indian corporates easier access to global financial markets. It is the world's fastest exchange, with a turn-around time of 4 microseconds, it operates 22 hours a day, six days a week. IFSC in GIFT City Indian Investors IFSC AIF Manager IFSC AIF Securities issued by Companies incorporated in IFSC Securities issued by Companies incorporated in India or foreign jurisdiction Units of other AIFs Securities listed in IFSC Other permissible investments as per AIF Regulations (LLP, REIT, InvIT, Derivatives, SPV) AIFs in GIFT City 6 The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. GIFT (Gujarat International Finance Tec-City), located in Gandhinagar is India’s first International Financial Services Centre. Its main purpose is to provide high quality physical infrastructure (electricity, water, gas, district cooling, roads, telecoms and broadband), so that finance and tech firms can relocate their operations there from Mumbai, … International Financial Services Centre @ GIFT City •In India, an IFSC is approved and regulated by the Government of India under the Special Economic Zones Act, 2005 •Government of India has approved GIFT ity as a Multi Services Special Economic Zone (‘GIFT SEZ’) and has also notified this zone as India’s IFS Login with Gmail Login with Facebook. Quick Info.- 011-47561070 × Login × Log in. It is located at the International Financial Services Centre (IFSC), GIFT City in Gujarat. An IFSC enables bringing back the financial services and transactions that are currently carried out in offshore financial centers by Indian corporate entities and overseas branches / subsidiaries of financial institutions (FIs) to India by offering business and regulatory environment that is comparable to other leading international financial centers in the world like London and Singapore. International Financial Service Centre (IFSC) is India’s first its kinds of centre that was commissioned at the Gujarat International Financial Tec (GIFT) City, Gandhinagar. Mint explains the concept of an IFSC and how it functions. Since the 2015 launch of International Financial Services Centre (IFSC) in Gujarat's GIFT City, several initiatives at policy, regulatory and operational levels have helped India’s IFSC dream take shape and gain attention from far and wide. Save my name, email, and website in this browser for the next time I comment. Gujarat International Finance Tec (GIFT) City. Need for and the benefits of a unified authority: Therefore, a unified financial regulator for IFSCs in India would provide world class regulatory environment to financial market participants. However, financial services entities i.e. The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. UPSC Prelims 2020 Question Paper With Answer Key. Sign in. An IFSC enables bringing back the financial services and transactions that are currently carried out in offshore financial centers by Indian corporate entities. 1. Mumbai: The International Financial Services Centres Authority (IFSCA), the regulator for IFSCs in India, has allowed resident Indians to use the Liberalised Remittance Scheme (LRS) to invest in the IFSC at GIFT City in Gujarat. Quick Links Gallery FAQ. It operates on EUREX T7, an advanced technology platform. Objective: To develop and regulate the financial services market in the IFSC in India; (2) To make GIFT City a global hub for international financial services on the lines of London, Hong Kong, Singapore, and Dubai. Apparel Export Promotion Council (AEPC) UPSC. IFSC would also compliment and promote further development of financial markets in India. Rupee derivatives in IFSC would help in creating a vibrant forex market in India. Under the IFSC guidelines, stocks exchanges established within IFSC in GIFT City may permit dealing in equity shares of companies incorporated outside India. The GIFT City is located … GIFT City is a multi-services that provides a special economic zone (SEZ) which has set up the first International Financial Service Centre in India (IFSC) in accordance with the SEZ Act 2005. The first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. About 17 percent of the total promised development in this project, which houses India’s first International Financial Service Centre (IFSC), has either finished or is under construction. It has been endowed with the responsibility of starting this exchange. Government policies and interventions for development in various sectors and issues arising out of their design and implementation. An IFSC enables bringing back to India the financial services and transactions that are currently carried out in offshore financial centres by Indian corporate entities and overseas branches/subsidiaries of financial institutions (FIs). Services an IFSC can provide: Fund-raising services for individuals, corporations and governments. The unified authority will act as a single-window for regulating various financial activities in the IFSC. Such centres deal with flows of finance, financial products and services across borders. The dynamic nature of business in the IFSCs necessitates a high degree of, The development of financial services and products in IFSCs would require. Such centres deal with flows of finance, financial products and services across borders. Recommend to the Central Government such other financial products, financial services and financial institutions which may be permitted in the IFSCs. Management of the Authority: Consisting of a Chairperson, one Member each to be nominated by the Reserve Bank of India (RBI), the Securities Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA), two members to be dominated by the Central Government and two other whole-time or full-time or part-time members. Season’s greetings from gift city: aif wish-list in ifsc fulfilled? London, New York and Singapore can be counted as global financial centres. Shrimi Choudhary | New Delhi Last Updated at November 12, 2020 06:05 IST. The first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. 11/07/2019 The Government of India has established IFSC in Gujarat namely Gujarat International Finance Tec-City (GIFT) in Gandhinagar, Gujarat. It is located on the banks of the Sabarmati River. We have recently opened our IFSC banking unit in GIFT city, Gujarat to facilitate international banking services in India. Intergrated R.A.W. SSIL has received SEBI registration as a … Quick Links Gallery FAQ. India’s first operational smart city and international financial services centre; The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. RBI, SEBI and IRDAI. For Mains: Challenges in their management and the need for a unified authority. Email. Regulate all such financial services, financial products and FIs in an IFSC which has already been permitted by the Financial Sector Regulators for IFSCs. The purpose of setting up the GIFT City is to develop a world class smart city that becomes a global financial hub with the development of an International Financial Services Centre (IFSC). An IFSC caters to customers outside the jurisdiction of the domestic economy. “The GIFT City is fast becoming a self-sustaining brand. Asset management and global portfolio diversification undertaken by pension funds, insurance companies and mutual funds. What is the International Financial Services Centre? Regulate such other financial products, financial services or FIs as may be notified by the Central Government from time to time. It was promoted by the Government of Gujarat as a greenfield project. ; Background. GIFT City, India’s IFSC poised to be a global financial services hub. The creation of an “Innovation Sandbox” is proposed as an additional step towards creating an innovation-centric ecosystem in the IFSC. Gujarat International Finance Tec ( GIFT) City located on the banks of the Sabarmati River and is around 12 km (7.5 mi) from Sardar Vallabhbhai Patel International Airport and is India 's first operational smart city and international financial services centre. Required fields are marked *. As the dynamic nature of business in the IFSCs requires a high degree of inter-regulatory coordination within the financial sector, the IFSCA has been established as a unified regulator with a holistic vision in order to promote ease of doing business in IFSC and provide world class regulatory environment. They were launched at the GIFT International Financial Service Centre (IFSC) in Gandhinagar, Gujarat through video conference. The IFSC in GIFT City (IFSC-GIFT)is being developed as a global financial and information technology services hub designed to be at or above par with globally benchmarked financial centres such as London, Hong Kong, Singapore, and Dubai. ft. of Built Up area which includes Office spaces, Residential Apartments, Schools, Hospital, Hotels, Clubs, Retail and various Recreational facilities, which makes this City a truly “Walk to Work” City. UPSC Prelims 2020 Question Paper With Answer Key. GIFT city, which is a special economic zone, shall host India's first international financial services centre. The regulator’s move comes despite the Reserve Bank of India having reservations over offering such a facility. Fund-raising services for individuals, corporations and governments. 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It would provide Indian corporates easier access to global financial markets. By. Five Point Agenda for GIFT City to make it Credible Jurisdiction Published: July 24, 2020 According to the Department of Economic Affairs, Ministry of Finance, the government is working on a five-point reform proposal in which it is being seen that IFSC in Gujarat does not turn out to become a tax haven in the world. 1Hr 2Newspaper class covering 3 years of Contemporary Affairs. 2nd & 3rd Floor, PRAGYA Tower, Block 15, Zone 1, Road 1C, GIFT SEZ, GIFT City, Gandhinagar, Gujarat - 382 355 + 91-79- 6180-9800 . Under this Sandbox framework, entities operating in the capital market, banking, and insurance and financial services space shall be granted facilities to experiment with innovative FinTech solutions. How IFSC/ GIFT City can position India as an International Financial center. 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