... (PSUs). Photo about International Financial Services Centre at night time, IFSC, Dublin, Ireland. But it was commissioned in Gandhinagar, Gujarat and Gujarat became India’s first International Financial … on International Financial Services Centre (IFSC): Explained, IAS Prelims Mock-Test 2021 – Set 85, 7 January. E-Book: 060 - Economic Growth Development, © Copyright 2009-2019 GKToday | All Rights Reserved. UPSC DAILY CURRENT AFFAIRS | PRELIM BITS 03-12-2020. Need for and the benefits of a unified authority: Offshore Financial Centers (OFCs): These are centres that primarily tax havens for wealth management and global tax management rather than providing the full array of international financial services. International Financial Services Centres Authority 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. Your email address will not be published. In this, a wide range of participants including the Banks, Insurance companies, Stock Exchanges, Clearing Corporations & Depositories, Brokers, Investment Advisors, Portfolio Managers, Alternate Investment Funds and Mutual Funds have been permitted to participate in GIFT-IFSC. An IFSC is a zone that provides a platform to world-class financial services to non-residents and residents in a currency other than the domestic currency (Indian rupee) of the location where the IFSC is located. Global tax management and Wealth management, Global and regional corporate treasury management operations, There are multiple regulators in the banking, capital and insurance sectors i.e, RBI, SEBI and IRDA. Posted on : 05 Feb 2020. Therefore, a Unified financial regulator would provide world class environment to financial market players with the goal of achieving the ease of doing business target. The IFSC comes under the portfolio responsibility of the Minister of Finance. Financial services and products will require a more focussed and dedicated regulatory intervention. Global Financial Centers (GFCs): These are the centres that sincerely serve clients from all over the world in the provision of the widest possible through the group of organisation e.g., international financial services based in London, New York, Singapore. This would result in providing the Indian corporate sector access to global financial markets. Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. Fundraising operations for individuals, corporations and governments. Subsequently, India International Exchange (INX) commenced trading from January 16, 2017. Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. 2. Under Section 18 and Section 55 of India’s Special Economic Zone Act, 2005 provides for the establishment of an IFSC in India and enables the Central Government to regulate IFSC activities. Website Content Managed by Department of Financial Services, MOF, GOI Designed, Developed and Hosted by National Informatics Centre( NIC ) Last Updated: 13 Jan 2021 International Financial Sevices Centres Authority (IFSCA) is a statutory unified regulatory body under the Department of Economic Affairs, Ministry of Finance, Government of India established by an Act of Parliament to develop and regulate the financial services market in the International Financial Services Centres in India. Gujarat International Finance Tec-City Co. Ltd is being developed as the country’s first international financial services centre (IFSC) The apex court sought response from the Centre and the UPSC … Such centres deal with flows of finance, financial products and services across borders. Reserve List : Civil Services Examination, 2019 Important Notice : e-Admit Card - Civil Services (Main) Examination, 2020 The SOs-Stenos (Grade B-Grade-I) LDCE, 2016 onwards scheduled to be notified on 16th September, 2020, has been deferred GIFT International Financial Services Centre, International Financial Services Centre (IFSC), International Financial Services Centre authority India, International Financial Services Centre chairman, International Financial Services Centre gift city, International Financial Services Centre headquarters, International Financial Services Centre mumbai, International Financial Services Centre upsc, International Financial Services Centre website, IAS Prelims Mock-Test 2021 – Set 93, 18 January, Daily Gist of ‘The Hindu’, ‘PIB’, ‘Indian Express’ and Other Newspapers: 18 January, 2021, IAS Prelims Mock-Test 2021 – Set 92, 16 January, Daily Gist of ‘The Hindu’, ‘PIB’, ‘Indian Express’ and Other Newspapers: 16 January, 2021, IAS Prelims Mock-Test 2021 – Set 91, 15 January, Daily Gist of ‘The Hindu’, ‘PIB’, ‘Indian Express’ and Other Newspapers: 15 January, 2021, IAS Prelims Mock-Test 2021 – Set 88, 11 January, Daily Gist of ‘The Hindu’, ‘PIB’, ‘Indian Express’ and Other Newspapers: 11 January, 2021. The Government of India has established International Financial Services Centre Authority. If you have power to call any number of candidates for mains and interviews without declaring the actual vacancies, it is known as arbitrariness," a bench of Chief Justice D N Patel and Justice Jyoti Singh told the Centre and Union Public Service Commission (UPSC) which conducts the civil services exam. IFSC Authority approves the International Financial Services Centre Authority (Banking) Regulations, 2020 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 Government of India seeks to introduce the IFSC Bill, 2019 which seeks to setup The International Financial Services Centres Authority. Hon’ble Prime Minister of India Narendra Modi inaugurated BSE’s India International Exchange (IFSC) Ltd (India INX), and India International Clearing Corporation Limited (India ICC) on January 09, 2017. Based on the Recommendation of IFSCA, the Government of India notified Global inhouse centres as financial services. UPSC has announced that candidates who had applied for EPFO exams will be allowed to change the preferences for exam centre. Crisp news summaries and articles on current events about international financial services centre for IBPS, Banking, UPSC, Civil services. Image of centre, sunset, services - 167097449 Such centres deal with flows of finance, financial products and services … With this, it will be the third largest International Exchange in the world in terms of order response This can be gauged by the fact that result of this exam is around 0.1%. It was promoted by the Government of Gujarat as a Greenfield project. It was opened very recently at the International Financial Services Centre (IFSC) in Gujarat 2. With this, the government has established a unified authority to regulate all financial services in International Financial Services Centres (IFSCs) in the country. Shanghai and Dubai. IFSC has been set up for all practical purposes as a ‘deemed foreign territory’ which would have the same ecosystem as other offshore locations, but which is physically on Indian soil. 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. An IFSC caters to customers outside the jurisdiction of the domestic economy. Save my name, email, and website in this browser for the next time I comment. The International Financial Services Centres Authority (IFSCA) has become an Associate Member of the International Organization of Securities Commissions (IOSCO). UPSC 2021 Online Coaching Classes | Bilingual GS Foundation Batch. This can be gauged … It was first decided to set up in Mumbai on the basis of the reports of the High Powered Expert Committee (HPEC) in 2007. All these centres are ‘international’ in the sense that they deal with the flow of finance and financial products/services across borders. The Union Cabinet has approved 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. Views: 1128. An International Financial Services Centre (IFSC) results in bringing the financial services and transactions to India which are currently being carried out in offshore f. GK, General Studies, Optional notes for UPSC, IAS, Banking, Civil Services. The Central Government may approve the setting up of an International Financial Service Centre in a Special Economic Zone and may prescribe the requirements for setting up and operation of such centre. This is "International Financial Services Centres Authority, Know all about it, Current Affairs 2020 #UPSC" by Study IQ Education on Vimeo, the home for… International Financial Services Centre (IFSC) The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. Krishnapatanam and Tumakuru Industrial Nodes #upsc #ias #ips #learningspacedigital. International Bullion Exchange Centre and International Financial Services Centre. The transactions of financial services in the IFSCs shall be done in the foreign currency as specified by the Authority in consultation with the Central Govt. Daily Current Affairs for Government Exams: Today Current Affairs:28th April 2020 for UPSC IAS exams, State PSC exams, SSC CGL, State SSC, RRB, Railways, Banking Exam & IBPS, etc. Services provided by IFSC: In January 2019, India’s Ministry of Civil Aviation published a report, ‘ Project Rupee Raftar ’, that provided roadmap to developing an aircraft financing and leasing industry in India. Such centres deal with flows of finance, financial products and services across borders. Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. 2. The Union Cabinet has approved 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. The International Financial Services Commission (the “IFSC”) is a statutory body established under the International Financial Services Commission Act to regulate and supervise the international financial services sector. It was first decided to set up in Mumbai on the basis of the reports of the High Powered Expert Committee (HPEC) in 2007. It is applicable to all IFSCs set up under the Special Economic Zones Act, 2005. The report identified International Financial Services Centre (GIFT city) for developing aircraft leasing and financing eco-system in the country. Keeping in view the large number of candidates of the civil services (preliminary) examination, 2020 (including the Indian Forest Service (preliminary) examination, 2020) and requests received from the candidates for changing their centers, the Commission has decided to give an opportunity to them to submit their revised choice of centre," the UPSC said in a statement on … 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. Views: 1128. The International Financial Services Centres Authority Bill, 2019 is likely to be taken up by Parliament for discussion next week. However, the global financial crisis that unfolded in 2008 made countries including India cautious about rapidly opening up their financial sectors. The Bill provides for the establishment of an Authority to develop and regulate the financial services market in the International Financial Services Centres in India. New Delhi: The Supreme Court on Thursday (September 24) issued notice to the Centre and the Union Public Service Commission (UPSC) on a plea filed by UPSC aspirants, seeking postponement of the upcoming civil services exam.The plea has been filed against conducting of the Civil Services (Preliminary) Examination on October 4. IFSCA was established in the year 2019 with its head office in Gandhinagar. With reference to the “India International Exchange” , consider the following statements : 1. An IFSC caters to customers outside the jurisdiction of the domestic economy. The IFSC centre is India seeks to offer a business environment which will match other leading centres in the world like Singapore and London. Service Tax are Levied by the Centre but Collected and Appropriated by the Centre and the States. An International Financial Services Centre (IFSC) results in bringing the financial services and transactions to India which are currently being carried out in offshore financial centers by corporate entities and overseas branches / subsidiaries of financial institutions (FIs). Later, the bench posted the matter for further hearing on January 11, 2021. This can be gauged by the fact that result of this exam is around 0.1%. The IFSC Authority, after detailed deliberations, approved the International Financial Services Centres Authority (Banking) Regulations, 2020. The International Financial Services Centre in Dublin Ireland. Insights is synonymous with UPSC civil services exam preparation. NSE’s International Exchange & Clearing Corporation has also commenced operations in June 2017. (150 words)10 (a) ... (SEZ) in a southern state to boost exports. International Financial Sevices Centres Authority (IFSCA) is a statutory unified regulatory body under the Department of Economic Affairs, Ministry of Finance, Government of India established by an Act of Parliament to develop and regulate the financial services market in the International Financial Services Centres in India. Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. ... Gujarat International Finance Tec (GIFT) City is India's first operational smart city and international financial services centre. An IFSC looks for to bring those types of financial services and transactions that are currently carried on outside India by overseas financial institutions and overseas branches/ subsidiaries of Indian financial institutions in India. What are the services an IFSC can provide? Posted on : 05 Feb 2020. Rather than their national economies, e.g., Dubai or Hong Kong two phases is ’... 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