The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. London, New York and Singapore can be counted as global financial centres. We offer a wide range of services to Indian and overseas companies including trade credit facilities, external commercial borrowing, credit facilities to overseas companies owned by … This is "GIFT city: IFSC: Special SEZ" by upsc prep on Vimeo, the home for high quality videos and the people who love them. It has gotten 642 views and also has 0 rating. 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). The GIFT City is located … 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 The SEZ Act 2005 allows setting up an IFSC in an SEZ or as an SEZ after approval from the central government. Their functions and how are they regulated? The Bill will be applicable to all International Financial Services Centres (IFSCs) set up under the Special Economic Zones Act, 2005. Shrimi Choudhary | New Delhi Last Updated at November 12, 2020 06:05 IST. RBI, SEBI and IRDAI. For Mains: Challenges in their management and the need for a unified authority. 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. Writing Skill Development Schedule. We're not around right now. IT companies and IFSC units can operate from the same zone, GIFT SEZ. Linkedin. 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. "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. 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. Khaitan & Co MEMBER FIRM OF . 2nd & 3rd Floor, PRAGYA Tower, Block 15, Zone 1, Road 1C, GIFT SEZ, GIFT City, Gandhinagar, Gujarat - 382 355 + 91-79- 6180-9800 . Get all the live Quotes on INDIA 50 Futures and options, real time prices of Equity, currency and commodity derivatives. Most targeted RAW-GS Mains crash course with 800+ Q&A . SETTING UP AN IFSC UNIT IN GIFT CITY, GUJARAT. 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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. 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. The bill seeks to setup an authority- The International Financial Services Centres Authority. UPPSC Free Current Affairs Material. IT companies require approval from Development Commissioner, KASEZ only and can start operating post SEZ approval. 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An IFSC caters to customers outside the jurisdiction of the domestic economy. Read more about Is India getting bullied by Singapore in accepting Gift City truce? 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 Innovation Sandbox will be managed and facilitated by the Market Infrastructure Institutions (MIIs) operating within the IFSC. The creation of an “Innovation Sandbox” is proposed as an additional step towards creating an innovation-centric ecosystem in the IFSC. Currently, the banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators, i.e. This video is highly rated by UPSC students and has been viewed 646 times. Manojit Saha 16 December, 2020 8:00 am IST. 11/07/2019 The Government of India has established IFSC in Gujarat namely Gujarat International Finance Tec-City (GIFT) in Gandhinagar, Gujarat. An IFSC deliberately provides Indian corporates with easier access to global financial markets. Apparel Export Promotion Council (AEPC) UPSC. Above Village Hyper Market, Chandralyout Main Road, Twitter. Gujarat International Finance Tec (GIFT) City. Most targeted RAW-GS Mains crash course with 800+ Q&A . 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. Merger and acquisition activities among trans-national corporations. Geography optional crash course in 18 days i.e 120 hours. 1Hr 2Newspaper class covering 3 years of Contemporary Affairs. 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 … By. The Regulatory Sandbox shall operate within the IFSC located at GIFT City. 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. How IFSC/ GIFT City can position India as an International Financial center. About IFSCA ; Developments; Application Status; Careers; Tenders; Downloads; Contact Us. RBI, SEBI and IRDAI. Photo Gallery Video Gallery. 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. Gujarat International Finance Tec-City or GIFT is an under-construction central business district between Ahmedabad and Gandhinagar in the Indian state of Gujarat. UPSC Prelims 2020 Question Paper With Answer Key. GIFT City Business Club provides a great facility for various indoor and outdoor sports activities, ... (SEZ) of GIFT City? 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. Need For Unified Regulator Currently, the banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators, i.e. 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. Quick Info.- 011-47561070 × Login × Log in. Context: The International Financial Services Centres Authority Bill, 2019 is likely to be taken up by Parliament for discussion next week. (62,000,000 sq ft) of built-up area, of which around 67% is commercial, 22% is for residential and 11% is social facilities. RBI, SEBI and IRDAI. Rupee derivatives in IFSC would help in creating a vibrant forex market in India. Need for and the benefits of a unified authority: Multiple regulators: Currently, the banking, capital markets and insurance sectors in IFSC are … Create An Account Here. What is an IFSC? The first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. GIFT’s Master Plan facilitates Multi Services SEZ with International Financial Services Centre (IFSC) status, Domestic Finance Centre and the associated Social infrastructure. It is located on the banks of the Sabarmati River. SSIL has received SEBI registration as a … 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. 1Hr 2Newspaper class covering 3 years of Contemporary Affairs. 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. But you can send us an email and we'll get back to you, asap. “The GIFT City is fast becoming a self-sustaining brand. 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). 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. What is the need for such an Authority? However, financial services entities i.e. 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. Five years of the launch of International Financial Services Centre (IFSC) in Gujarat’s GIFT City. GIFT City. UPDATE. 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, ; Background. The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. Your email address will not be published. Insights has redefined the way preparation is done in UPSC civil service exam, Nanda Ashirwad Complex, 3rd Floor, IFSC would also complement and promote further development of financial markets in India. … Required fields are marked *. From UPSC perspective, the following things are important : Prelims level : IFSC Bill. OR . The GIFT City has already become a brand and received a big push in the recent Union Budget. Risk management operations such as insurance and reinsurance. Statutory, regulatory and various quasi-judicial bodies. Intergrated R.A.W. For instance, in India IFSC is a jurisdiction that provides financial services to resident and non-resident Indians in … Facebook. Such centres deal with flows of finance, financial products and services across borders. Gujarat International Finance Tech-City (GIFT City) is a business district promoted by the Gujarat government through a joint venture company. We have recently opened our IFSC banking unit in GIFT city, Gujarat to facilitate international banking services in India. It would provide Indian corporates easier access to global financial markets. Gujarat International Finance Tec-City Co. Ltd is being developed as the country’s first international financial services centre (IFSC). 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. Types of IFSCs. The first IFSC in India was set up at Gujarat International Finance Tec-City (GIFT) in Gandhinagar, Gujarat. RBI, SEBI, IRDAI, and PFRDA etc.) Login with Gmail Login with Facebook. Abhimeet Sinha & Prerna Beri. GIFT (Gujarat International Finance Tec-City), located in Gandhinagar is India’s first International Financial Services Centre. 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. Jan 12, 2021 - GIFT City & International Financial Service Center (IFSC): Features & Benefits UPSC Video | EduRev is made by best teachers of UPSC. It has been endowed with the responsibility of starting this exchange. 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. 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. IFSC | GIFT City | Indian investors. About IFSCA International Financial Services Centres Authority. Mains level : Banking regulation in India. The IFSC Authority was established on April 27 this year by the Government of India as the unified regulator. 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 IFSC Authority was established on April 27 this year by the Government of India as the unified regulator. GIFT city, which is a special economic zone, shall host India's first international financial services centre. 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. Gujarat International Finance Tec (GIFT) City . Quick Links Gallery FAQ. 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. An IFSC caters to customers outside the jurisdiction of the domestic economy. It is supported by state-of-the-art infrastructure encompassing all basic urban infrastructure elements along with an excellent external connectivity. Government policies and interventions for development in various sectors and issues arising out of their design and implementation. Global tax management and cross-border tax liability optimization, which provides a business opportunity for financial intermediaries, accountants and law firms. 1. 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). Global and regional corporate treasury management operations that involve fund-raising, liquidity investment and management and asset-liability matching. The BSE will invest Rs150 crore in Gujarat’s GIFT City to develop India’s first international financial services centre (IFSC). Enter your email address to subscribe to this blog and receive notifications of new posts by email. (3,000,000 sq ft) is … It has allowed resident Indians, with a net worth of not less than $1 million, to invest in IBUs. 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. Stock exchanges operating in the GIFT IFSC will be permitted to offer trading in securities in any currency other than the Indian rupee. Mint explains the concept of an IFSC and how it functions. Fund-raising services for individuals, corporations and governments. What is the International Financial Services Centre? Your email address will not be published. The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. It would provide Indian corporates easier access to global financial markets. on Business Standard. 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. GIFT City is an integrated development on 886 acres of land with 62 mn sq. Can an IFSC be set up in a special economic zone (SEZ)? Asset management and global portfolio diversification undertaken by pension funds, insurance companies and mutual funds. 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, … Geography optional crash course in 18 days i.e 120 hours. It has been endowed with the responsibility of starting this exchange. ; The dynamic nature of business in the IFSCs necessitates a high degree of inter-regulatory coordination. Mains level : Need for a Maritime Cluster in India. 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. 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. Recommend to the Central Government such other financial products, financial services and financial institutions which may be permitted in the IFSCs. Such centres deal with flows of finance, financial products and services across borders. They were launched at the GIFT International Financial Service Centre (IFSC) in Gandhinagar, Gujarat through video conference. 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 located at the International Financial Services Centre (IFSC), GIFT City in Gujarat. GIFT City, India’s IFSC poised to be a global financial services hub. The dynamic nature of business in the IFSCs necessitates a high degree of, The development of financial services and products in IFSCs would require. Season’s greetings from gift city: aif wish-list in ifsc fulfilled? Regulate such other financial products, financial services or FIs as may be notified by the Central Government from time to time. UPSC Prelims 2020 Question Paper With Answer Key. An IFSC enables bringing back the financial services and transactions that are currently carried out in offshore financial centers by Indian corporate entities. Gujarat International Finance Tec-City (GIFT) -A Global Financial & IT Hub. The first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. 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. 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. 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. Currently ~190,000 m2. IFSC would also compliment and promote further development of financial markets in India. Such centres deal with flows of finance, financial products and services across borders. The Indian Express is now on Telegram. The Government will establish a unified authority for regulating all financial services in IFSCs in India," said Jaitley while presenting the budget on Thursday. 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. Regulate all such financial services, financial products and FIs in an IFSC which has already been permitted by the Financial Sector Regulators for IFSCs. Classroom Support: 8010068998, 011-47561070 ; Quick Links Gallery FAQ. Sign in. GIFT (Gujarat International Finance Tec-City), located in Gandhinagar is India’s first International Financial Services Centre. Rbi, SEBI, IRDAI, and website in this browser for the next time I comment GIFT. Opportunity for financial intermediaries, accountants and law firms business opportunity for financial,. 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