IFSC Authority Bill, 2019 . Mains level : Banking regulation in India. The unified authority will act as a single-window for regulating various financial activities in the IFSC. The Indian Express is now on Telegram. Currently, the banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators, i.e. ; Background. It is located at the International Financial Services Centre (IFSC), GIFT City in Gujarat. UPSC Prelims 2020 Question Paper With Answer Key. Under the IFSC guidelines, stocks exchanges established within IFSC in GIFT City may permit dealing in equity shares of companies incorporated outside India. 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. Save my name, email, and website in this browser for the next time I comment. What is an IFSC? 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. Currently ~190,000 m2. GIFT City is central business hub with state-of-the-art infrastructure and a first of its kind development in India. Geography optional crash course in 18 days i.e 120 hours. RBI, SEBI and IRDAI. From UPSC perspective, the following things are important : Prelims level : IFSC Bill. GIFT City’s Master Plan is for the 359 hectares (886 acres) of land area to have approximately ~110 buildings with ~5,800,000 m2. Services an IFSC can provide: Fund-raising services for individuals, corporations and governments. Abhimeet Sinha & Prerna Beri. About IFSCA ; Developments; Application Status; Careers; Tenders; Downloads; Contact Us. 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. India International Exchange (IFSC) Limited (India INX) - India’s first international exchange in International Financial Services Centre (IFSC) located at the Gujarat International Finance-Tec City (GIFT City). 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. London, New York and Singapore can be counted as global financial centres. 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. 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Statutory, regulatory and various quasi-judicial bodies. With an IFSC in India, India now competes against global financial hubs like Dubai and Singapore to attract foreign investors who are willing to trade in foreign currencies. This video is highly rated by UPSC students and has been viewed 646 times. The Regulatory Sandbox shall operate within the IFSC located at GIFT City. … 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. 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. Gujarat International Finance Tec-City Co. Ltd is being developed as the country’s first international financial services centre (IFSC). Your email address will not be published. For Mains: Challenges in their management and the need for a unified authority. GIFT city, which is a special economic zone, shall host India's first international financial services centre. RBI, SEBI, IRDAI, and PFRDA etc.) Mumbai: Gift City, a financial hub designed to overcome restrictions on trading in Indian currency, is set to begin trading in the INR-USD pair through exchange traded futures market.This will probably reduce the quantum of trading in the overseas market that makes monitoring of it difficult for the regulator. The regulator’s move comes despite the Reserve Bank of India having reservations over offering such a facility. Writing Skill Development Schedule. How IFSC/ GIFT City can position India as an International Financial center. IT companies require approval from Development Commissioner, KASEZ only and can start operating post SEZ approval. 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. For Prelims: What are IFSCs. IFSC. Required fields are marked *. The bill seeks to setup an authority- The International Financial Services Centres Authority. Indian residents can now invest in GIFT City under LRS, but RBI isn’t thrilled about it The IFSC regulator has approved banking regulations for IBUs. UPSC Prelims 2020 Question Paper With Answer Key. 1. Email. The GIFT City has already become a brand and received a big push in the recent Union Budget. An IFSC deliberately provides Indian corporates with easier access to global financial markets. RBI, SEBI and IRDAI. An IFSC caters to customers outside the jurisdiction of the domestic economy. "IFSC at Gift City, which has become operational, needs a coherent and integrated regulatory framework to fully develop and to compete with other offshore financial centres. Create An Account Here. The first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. It would provide Indian corporates easier access to global financial markets. 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 RBI, SEBI and IRDAI. Regulate such other financial products, financial services or FIs as may be notified by the Central Government from time to time. The release issued by the government explained that currently, the banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators, i.e. The Government will establish a unified authority for regulating all financial services in IFSCs in India," said Jaitley while presenting the budget on Thursday. 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). 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. 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. However, financial services entities i.e. ; The dynamic nature of business in the IFSCs necessitates a high degree of inter-regulatory coordination. It is supported by state-of-the-art infrastructure encompassing all basic urban infrastructure elements along with an excellent external connectivity. Season’s greetings from gift city: aif wish-list in ifsc fulfilled? Context: The International Financial Services Centres Authority Bill, 2019 is likely to be taken up by Parliament for discussion next week. An IFSC enables bringing back the financial services and transactions that are currently carried out in offshore financial centers by Indian corporate entities. It has allowed resident Indians, with a net worth of not less than $1 million, to invest in IBUs. 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. Their functions and how are they regulated? Government policies and interventions for development in various sectors and issues arising out of their design and implementation. IFSCs are generally classified into four. Quick Links Gallery FAQ. The first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. StockHolding Securities IFSC Limited (SSIL), a wholly owned subsidiary of StockHolding Corporation of India Limited (StockHolding) launched their IFSC business at GIFT City, India’s only operational International Financial Services Centre. Regulate all such financial services, financial products and FIs in an IFSC which has already been permitted by the Financial Sector Regulators for IFSCs. 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. Such centres deal with flows of finance, financial products and services across borders. 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. It has been endowed with the responsibility of starting this exchange. 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. Sign in. It was promoted by the Government of Gujarat as a greenfield project. 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. It is located on the banks of the Sabarmati River. Most targeted RAW-GS Mains crash course with 800+ Q&A . 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. GIFT’s Master Plan facilitates Multi Services SEZ with International Financial Services Centre (IFSC) status, Domestic Finance Centre and the associated Social infrastructure. Login with Gmail Login with Facebook. Gujarat International Finance Tec (GIFT) City. Mains level : Need for a Maritime Cluster in India. 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. The dynamic nature of business in the IFSCs necessitates a high degree of, The development of financial services and products in IFSCs would require. 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. Shrimi Choudhary | New Delhi Last Updated at November 12, 2020 06:05 IST. IFSCs in India: The first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. Rupee derivatives in IFSC would help in creating a vibrant forex market in India. Poll . About IFSCA International Financial Services Centres Authority. 11/07/2019 The Government of India has established IFSC in Gujarat namely Gujarat International Finance Tec-City (GIFT) in Gandhinagar, Gujarat. Mumbai: Gift City, a financial hub designed to overcome restrictions on trading in Indian currency, is set to begin trading in the INR-USD pair through exchange traded futures market.This will probably reduce the quantum of trading in the overseas market that makes monitoring of it difficult for the regulator. on Business Standard. GIFT City is an integrated development on 886 acres of land with 62 mn sq. IT companies and IFSC units can operate from the same zone, GIFT SEZ. Photo Gallery Video Gallery. Apparel Export Promotion Council (AEPC) UPSC. This is "GIFT city: IFSC: Special SEZ" by upsc prep on Vimeo, the home for high quality videos and the people who love them. Get all the live Quotes on INDIA 50 Futures and options, real time prices of Equity, currency and commodity derivatives. Gujarat International Finance Tec-City or GIFT is an under-construction central business district between Ahmedabad and Gandhinagar in the Indian state of Gujarat. It operates on EUREX T7, an advanced technology platform. 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. The Innovation Sandbox will be managed and facilitated by the Market Infrastructure Institutions (MIIs) operating within the IFSC. The International Financial Services Centres Authority Bill, 2019 is likely to be taken up by Parliament. Facebook. Geography optional crash course in 18 days i.e 120 hours. GK Articles, News, Current Affairs, Trivia Questions and Updates about Gift City for students and aspirants of UPSC, Civil services and other competitive examinations. The first IFSC in India was set up at Gujarat International Finance Tec-City (GIFT) in Gandhinagar, Gujarat. The IFSC Authority was established on April 27 this year by the Government of India as the unified regulator. Manojit Saha 16 December, 2020 8:00 am IST. 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. 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. 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. Need for and the benefits of a unified authority: Multiple regulators: Currently, the banking, capital markets and insurance sectors in IFSC are … The Union Cabinet has approved the establishment of a unified authority for regulating all financial services in International Financial Services Centres (IFSCs) in India through International Financial Services Centres Authority Bill, 2019. It is done by offering business and regulatory environment that is comparable to other leading international financial centres in the world like London and Singapore. “The GIFT City is fast becoming a self-sustaining brand. 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. On May 9, 2020, the Union Finance Minister Smt Nirmala Sitaraman launched the INR-USD Futures and Options contracts in the BSE and NSE platforms. ANCIENT AND MEDIEVAL INDIAN HISTORY NOTES FOR UPSC PRELIMS, MODERN INDIAN HISTORY NOTES BY IAS NETWORK, UPSC INTERNAL SECURITY NOTES BY IAS NETWORK, UPSC DISASTER MANAGEMENT NOTES BY IAS.NETWORK, UPSC ESSAY QUOTES COMPILATION BY IAS.NETWORK, UPSC SOCIOLOGY OPTIONAL EVALUATION PROGRAM, UPSC GEOGRAPHY OPTIONAL EVALUATION PROGRAM, UPSC ANTHROPOLOGY OPTIONAL EVALUATION PROGRAM, UPSC IAS Prelims Current Affairs 6th September, UPSC IAS Prelims Current Affairs : 1st September, The government has eased regulatory norms to a proposed special purpose vehicle (SPV) that will bring onshore trading activity on SGX NIFTY, a derivative of the NSE’s NIFTY index traded officially on the Singapore Stock Exchange, This move could catalyse a significant scale-up in financial services in the Gujarat International Finance Tec-City (Gift City), India’s first operational smart city and international financial services centre. The GIFT City is located … SSIL has received SEBI registration as a … UPDATE. Linkedin. From UPSC perspective, the following things are important : Prelims level : Gujarat Maritime Cluster. The SEZ Act 2005 allows setting up an IFSC in an SEZ or as an SEZ after approval from the central government. 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. Connect With Us . The IFSC Authority was established on April 27 this year by the Government of India as the unified regulator. This also essential from an ease of doing business perspective. Gujarat International Finance Tec (GIFT) City . All powers exercisable by the respective financial sector regulatory (viz. It was promoted by the Government of Gujarat as a greenfield project. The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. 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, GIFT (Gujarat International Finance Tec-City), located in Gandhinagar is India’s first International Financial Services Centre. GIFT (Gujarat International Finance Tec-City), located in Gandhinagar is India’s first International Financial Services Centre. Above Village Hyper Market, Chandralyout Main Road, It would provide Indian corporates easier access to global financial markets. Twitter. Mint explains the concept of an IFSC and how it functions. GIFT City & International Financial Service Center (IFSC): Features & Benefits UPSC Video | EduRev video for UPSC is made by best teachers who have written some of the best books of UPSC. 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. 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 Gujarat Maritime Cluster coming up in the GIFT (Gujarat International Finance Tec-City) City at Gandhinagar will be a dedicated system to address logistics of ports and seaways. It has been endowed with the responsibility of starting this exchange. IFSC | GIFT City | Indian investors. Can an IFSC be set up in a special economic zone (SEZ)? UPSC Prelims 2020 Question Paper With Answer Key. The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. The Regulatory Sandbox shall operate within the IFSC located at GIFT City. IFSC would also complement and promote further development of financial markets in India. 1Hr 2Newspaper class covering 3 years of Contemporary Affairs. Your email address will not be published. Useful Links. Under the IFSC guidelines, stocks exchanges established within IFSC in GIFT City may permit dealing in equity shares of companies incorporated outside India. Recommend to the Central Government such other financial products, financial services and financial institutions which may be permitted in the IFSCs. Intergrated R.A.W. 1Hr 2Newspaper class covering 3 years of Contemporary Affairs. 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. Insights has redefined the way preparation is done in UPSC civil service exam, Nanda Ashirwad Complex, 3rd Floor, GIFT City, India’s IFSC poised to be a global financial services hub. By. Quick Links Gallery FAQ. Asset management and global portfolio diversification undertaken by pension funds, insurance companies and mutual funds. 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 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, … Quick Info.- 011-47561070 × Login × Log in. We're not around right now. UPPSC Free Current Affairs Material. International Financial Services Centre; 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 … 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. 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. Need For Unified Regulator Currently, the banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators, i.e. Today, Insights is synonymous with UPSC civil services exam preparation. What is the International Financial Services Centre? What are the services an IFSC can provide? Such centres deal with flows of finance, financial products and services across borders. Global tax management and cross-border tax liability optimization, which provides a business opportunity for financial intermediaries, accountants and law firms. Gujarat International Finance Tec-City (GIFT) -A Global Financial & IT Hub. You do not have an account.? 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. Read more about Is India getting bullied by Singapore in accepting Gift City truce? Khaitan & Co MEMBER FIRM OF . Five years of the launch of International Financial Services Centre (IFSC) in Gujarat’s GIFT City. Types of IFSCs. The Bill will be applicable to all International Financial Services Centres (IFSCs) set up under the Special Economic Zones Act, 2005. Risk management operations such as insurance and reinsurance. Merger and acquisition activities among trans-national corporations. OR . (62,000,000 sq ft) of built-up area, of which around 67% is commercial, 22% is for residential and 11% is social facilities. SETTING UP AN IFSC UNIT IN GIFT CITY, GUJARAT. GIFT City. The BSE will invest Rs150 crore in Gujarat’s GIFT City to develop India’s first international financial services centre (IFSC). 2nd & 3rd Floor, PRAGYA Tower, Block 15, Zone 1, Road 1C, GIFT SEZ, GIFT City, Gandhinagar, Gujarat - 382 355 + 91-79- 6180-9800 . What is the need for such an Authority? An IFSC caters to customers outside the jurisdiction of the domestic economy. We have recently opened our IFSC banking unit in GIFT city, Gujarat to facilitate international banking services in India. This proposed new exchange is intended to grow the financial market as well as expected to bring capital into India. under the respective Acts shall be solely exercised by the Authority in the IFSCs in so far as the regulation of financial products, financial services and FIs that are permitted in the IFSC are concerned. The Lok Sabha passed a bill to set up a unified authority for regulating all financial activities in international financial services centres (IFSCs) in the country. The first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. 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). (3,000,000 sq ft) is … Most targeted RAW-GS Mains crash course with 800+ Q&A . 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