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. This is "International Financial Services Centres Authority, Know all about it, Current Affairs 2020 #UPSC" by Study IQ Education on Vimeo, the home for… Daily Gist of ‘The Hindu’, ‘PIB’, ‘Indian Express’ and Other Newspapers: 7 January, 2021, Join UPSC & State PSC Channel  Click Here, Your email address will not be published. Website Content Managed by Department of Financial Services, MOF, GOI Designed, Developed and Hosted by National Informatics Centre( NIC ) Last Updated: 13 Jan 2021 The notification issued by the GoI brings into effect certain effects of IFSCA Act, 2019. An international financial services centre caters to customers outside the jurisdiction of domestic economy, dealing with flows of finance, financial products and services across borders. International Financial Services Centre: An IFSC enables bringing back 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 (such as banks, insurance companies, etc.) The finance ministry has established the International Financial Services Centres Authority (IFSCA) through a notification on Monday. It will recommend to the Central Government such financial products, services and institutions which may be permitted in the IFSCs. In a way, they connect their financial systems to the world. 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. It is applicable to all IFSCs set up under the Special Economic Zones Act, 2005. Based on the Recommendation of IFSCA, the Government of India notified Global inhouse centres as financial services. IFSCs are set-up to bring back the financial services and transactions that are currently carried out in offshore financial centres by Indian corporate entities and overseas branches or subsidiaries of financial institutions (FIs) to India. It was first decided to set up in Mumbai on the basis of the reports of the High Powered Expert Committee (HPEC) in 2007. 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. The first IFSC was setup at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. The International Financial Services Centres Authority (IFSCA) has become an Associate Member of the International Organization of Securities Commissions (IOSCO). UPSC IAS 2021 Exam: Check here UPSC IAS Mains Exam Date and Prepare for IAS Prelims Exam 2021 - 2022 with Prelims Syllabus, Paper Pattern, Eligibility Criteria, Age Limit, Preparation Tips, Course and Mock Tests. The aim is to develop a world-class smart city that becomes a global financial hub with the development of an International Financial Services Centre. 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 Crisp news summaries and articles on current events about international financial services centre for IBPS, Banking, UPSC, Civil services. 1. The apex court sought response from the Centre and the UPSC … These centres will provide services related to financial products . 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. Latest Current Affairs in about international financial services centre. UPSC has announced that candidates who had applied for EPFO exams will be allowed to change the preferences for exam centre. PIB Summary and Analysis for UPSC Exam. The first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. 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. 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. Financial services and products will require a more focussed and dedicated regulatory intervention. Your email address will not be published. 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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. This can be gauged by the fact that result of this exam is around 0.1%. International Financial Services Centre (IFSC) The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. An IFSC caters to customers outside the jurisdiction of the domestic economy. It was first decided to set up in Mumbai on the basis of the reports of the High Powered Expert Committee (HPEC) in 2007. Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. Many emerging IFSCs around the world are aspiring to play a global role e.g. UPS® is wereldwijd een van de grootste en meest betrouwbare wereldwijde verzend- en logistieke bedrijven. 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. Only one International Financial Services Centre is approved in a Special Economic Zone. 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. It will regulate all such financial services and products which has already been permitted by the Financial Sector Regulators for IFSCs. With reference to the “India International Exchange” , consider the following statements : 1. Contents: Chakmas and Hajongs; International Financial Services Centre Authority 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. Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. The report identified International Financial Services Centre (GIFT city) for developing aircraft leasing and financing eco-system in the country. This can be gauged by the fact that result of this exam is around 0.1%. Aatma Nirbhar Bharat 3.0. The IFSC centre is India seeks to offer a business environment which will match other leading centres in the world like Singapore and London. The report identified International Financial Services Centre (GIFT city) for developing aircraft leasing and financing eco-system in the country. This can be gauged … International Bullion Exchange Centre and International Financial Services Centre. Examine this statement in the context of international relations. Save my name, email, and website in this browser for the next time I comment. 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. International Financial Services Centre Authority (Global in-house Centre) circulation 2020. Verzend en traceer binnenlandse en internationale afleveringen en overzeese vracht. The headquarters of the authority is to be established in Gandhinagar, Gujarat. It will consist of a Chairperson and one member each will be nominated from RBI, SEBI, IRDA, PFRDA, two members from the Central Government and two full or part-time members. International Financial Services Centre: An IFSC enables bringing back 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 (such as banks, insurance companies, etc.) 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. GIFT SEZ Limited has been notified by Ministry of Commerce and Industry, Government of India on 18 August 2011 for setting up a sector-specific SEZ for multi-services at Gandhinagar, Gujarat. Photo about International Financial Services Centre at night time, IFSC, Dublin, Ireland. About IOSCO: The IOSCO is the international organization that brings together the world’s securities regulators, covering more than 95% of the world’s securities markets. International Financial Service Centre (IFSC) An IFSC caters to customers outside the jurisdiction of the domestic economy. IFSCA was established in the year 2019 with its head office in Gandhinagar. Civil Services (Preliminary) Examination, 2020; General Studies Paper-I; General Studies Paper-II; National Defence Academy and Naval Academy Examination (I) & (II), 2020; General Ability Test; Mathematics; CISF AC(EXE) LDCE-2020; Essay, Precis Writing and Comprehension; 4. We are not taking an adversarial stand,” Mehta said. ... UPSC CIVIL SERVICES (CSE) MAINS EXAMINATION 2020 [UPSC Mains 2020] PSYCHOLOGY OPTIONAL – UPSC CIVIL SERVICES (CSE) MAINS EXAMINATION 2020 Krishnapatanam and Tumakuru Industrial Nodes #upsc #ias #ips #learningspacedigital. The IFSC comes under the portfolio responsibility of the Minister of Finance. Insights is synonymous with UPSC civil services exam preparation. The Government of India seeks to introduce the IFSC Bill, 2019 which seeks to setup The International Financial Services Centres Authority. All these centres are ‘international’ in the sense that they deal with the flow of finance and financial products/services across borders. The main objective behind establishing an IFSC in India is providing a platform for international financial services to operate from and to specialize in exports of high value-added International Financial Services. Financial centres that cater to customers outside their own jurisdiction are referred to as international (IFCs) or offshore Financial Centers (OFCs). Q. Shanghai and Dubai. 2. 3. The International Financial Services Centre in Dublin Ireland. Ireland's finance portal for International Financial Services. Asset management, portfolio diversification by pension funds, insurance companies and mutual funds. 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. Unified Regulator: In order to ensure this, the business and … The IFSC Authority, after detailed deliberations, approved the International Financial Services Centres Authority (Banking) Regulations, 2020. What are the services an IFSC can provide? Views: 1128. 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. Regional Financial Centers (RFCs): They serve their regional economies rather than their national economies, e.g., Dubai or Hong Kong. Fundraising operations for individuals, corporations and governments. to India.. Posted on : 05 Feb 2020. But it was commissioned in Gandhinagar, Gujarat and Gujarat became India’s first International Financial Service Centre (IFSC). 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. 2. 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. ... (PSUs). 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 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. 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. But it was commissioned in Gandhinagar, Gujarat and Gujarat became India’s first International Financial … Later, the bench posted the matter for further hearing on January 11, 2021. It was opened very recently at the International Financial Services Centre (IFSC) in Gujarat 2. It is India’s first operational smart city and international financial services centre. Context. “It is under active consideration of the Centre and UPSC. It is located on the banks of the Sabarmati River. IFSC Authority approves the International Financial Services Centre Authority (Banking) Regulations, 2020 These centres are like Paris, Frankfurt, Tokyo and Sydney. 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. The first IFSC in India was set up at GIFT City in Gandhinagar, Gujarat. Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. Views: 1128. 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. UPSC 2021 Online Coaching Classes | Bilingual GS Foundation Batch. Every year approximately one million aspirants compete for less than thousand vacancies. 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 financial institutions (FIs) With this, it will be the third largest International Exchange in the world in terms of order response Posted on : 05 Feb 2020. Download PIB for 13th Dec 2020:MSP Operations during Kharif Marketing Season 2020-21; International Financial Services Centre's Authority (IFSCA) Act, 2019; International Bank applauds India’s efforts towards river rejuvenation & cleanliness Press Information Bureau(PIB) IAS UPSC – 8th November to 14th November – 2020; GS-2. Banking constitutes one of the major focus areas of IFSC and is expected to drive and facilitate the other constituent operations in the IFSC in due course. Subsequently, India International Exchange (INX) commenced trading from January 16, 2017. Shri Pankaj Jain serves as Additional Secretary, Department of Financial Services, Ministry of Finance, Government of India. This would result in providing the Indian corporate sector access to global financial markets. UPSC: UPSC candidates with management degrees often choose Management as their UPSC Mains Optional. The UPSC EPFO exam is scheduled to take place on May 9, 2021. Gujarat International Finance Tec (GIFT) City. (150 words)10 (a) ... (SEZ) in a southern state to boost exports. The Bill will be applicable to all International Financial Services Centres (IFSCs) set up under the Special Economic Zones Act, 2005. The International Financial Services Centres Authority (IFSCA) It is a statutory unified regulatory body under the Department of Economic Affairs, Ministry of Finance. Current Affairs [PDF] - January 1-15, 2021, Current Affairs MCQs PDF - December, 2020, Current Affairs [PDF] - December 16-31, 2020. With this, the government has established a unified authority to regulate all financial services in International Financial Services Centres (IFSCs) in the country. An expert panel headed by former World Bank economist Percy Mistry submitted a report on making Mumbai an international financial centre in 2007. Image of centre, sunset, services - 167097449 on International Financial Services Centre (IFSC): Explained, IAS Prelims Mock-Test 2021 – Set 85, 7 January. Aiming for UPSC CSE 2021? 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). Benefits of UPSC Civil Services preparation: RAU’S IAS Study Circle; ... International Financial Services Centre Authority (IFSC Authority) has invited applications from those applicants who had reached the final stage of CSE exam but could not be in the final merit. to India.. Taxes Levied as Well as Collected by the Union, but Assigned to the States: These include taxes on the sale and purchase of goods in the course of inter-state trade or commerce or the taxes on the consignment of goods in the course of inter-state trade or commerce. Highlights The Authority was established through a notification. Gift City: Gujarat International Finance Tec (GIFT) City located on the banks of the Sabarmati River. 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. This can be gauged by the fact that result of this exam is around 0.1%. This can be gauged … Official web site of the IFSC in Dublin containing information about all companies trading in the IFSC. E-Book: 060 - Economic Growth Development, © Copyright 2009-2019 GKToday | All Rights Reserved. The International Financial Services Centres Authority Bill, 2019 is likely to be taken up by Parliament for discussion next week. From UPSC perspective, the following things are important: Prelims level: IFSC Authority Bill. The Central Government shall approve only one International Financial Services Centre in a Special Economic Zone. ; RECENT DEVELOPMENTS 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. 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. 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. Such centres deal with flows of finance, financial products and services across borders. Finance Minister Nirmala Sitharaman introduced the Bill in Lok Sabha on November 25. Such centres deal with flows of finance, financial products and services across borders. It was promoted by the Government of Gujarat as a greenfield project. The body will be headquartered in Gandhinagar in Gujarat, as per the notification. The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. Required fields are marked *. Gujarat International Finance Tec-City Co. Ltd is being developed as the country’s first international financial services centre (IFSC) 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. Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. Contents: Indian SARS-CoV-2 Genomic Consortia (INSACOG) Meteorological (Met) Centre … Services provided by IFSC: The business is ever changing which requires a high degree of inter-regulatory coordination, clarifications and frequent amendments in the existing regulations governing activities in IFSCs. It was promoted by the Government of Gujarat as a Greenfield project. Daily Current Affairs for Government Exams: Today Current Affairs: 2nd January 2021 for UPSC IAS exams, State PSC exams, SSC CGL, State SSC, RRB, Railways, Banking Exam & IBPS, etc. 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. 2. Need for and the benefits of a unified authority: The Government of India has established International Financial Services Centre Authority. Service Tax are Levied by the Centre but Collected and Appropriated by the Centre and the States. Non-global and non-regional, ordinary international IFSCs: They provide a broad range of international financial services but cater mainly to the needs of their national economies rather than their regions or the world. 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. IFSC would also complement and promote further development of financial markets in India. 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. ... Gujarat International Finance Tec (GIFT) City is India's first operational smart city and international financial services centre. NSE’s International Exchange & Clearing Corporation has also commenced operations in June 2017. 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. 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 … However, the global financial crisis that unfolded in 2008 made countries including India cautious about rapidly opening up their financial sectors. It will Regulate financial products, financial services or FIs as may be notified by the Central Government from time to time. According to UPSC, the candidates will be allowed to change their exam centre in two phases. 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. UPSC DAILY CURRENT AFFAIRS | PRELIM BITS 03-12-2020. Such centres deal with flows of finance, financial products and services … An IFSC caters to customers outside the jurisdiction of the domestic economy. Will provide Services related to Financial products and Services across borders Authority, after deliberations! Important: Prelims level: IFSC Authority Bill, 2019 is likely to be established in Gandhinagar City Gandhinagar... 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