11/07/2019 The Government of India has established IFSC in Gujarat namely Gujarat International Finance Tec-City (GIFT) in Gandhinagar, Gujarat. GIFT City, India’s IFSC poised to be a global financial services hub. ; Background. Connect With Us . Need For Unified Regulator Currently, the banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators, i.e. Five years of the launch of International Financial Services Centre (IFSC) in Gujarat’s GIFT City. What is an IFSC? Stock exchanges operating in the GIFT IFSC will be permitted to offer trading in securities in any currency other than the Indian rupee. However, financial services entities i.e. Services an IFSC can provide: Fund-raising services for individuals, corporations and governments. Create An Account Here. Need for and the benefits of a unified authority: Multiple regulators: Currently, the banking, capital markets and insurance sectors in IFSC are … The Government will establish a unified authority for regulating all financial services in IFSCs in India," said Jaitley while presenting the budget on Thursday. Intergrated R.A.W. But you can send us an email and we'll get back to you, asap. 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. The first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. It operates on EUREX T7, an advanced technology platform. It is located on the banks of the Sabarmati River. 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. Types of IFSCs. 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. 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. Such centres deal with flows of finance, financial products and services across borders. You do not have an account.? 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 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). Manojit Saha 16 December, 2020 8:00 am IST. SETTING UP AN IFSC UNIT IN GIFT CITY, GUJARAT. Save my name, email, and website in this browser for the next time I comment. IFSC Authority Bill, 2019 . Global and regional corporate treasury management operations that involve fund-raising, liquidity investment and management and asset-liability matching. IFSC. What is the International Financial Services Centre? on Business Standard. The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. Above Village Hyper Market, Chandralyout Main Road, IFSC would also complement and promote further development of financial markets in India. Risk management operations such as insurance and reinsurance. The IFSC Authority was established on April 27 this year by the Government of India as the unified regulator. Global tax management and cross-border tax liability optimization, which provides a business opportunity for financial intermediaries, accountants and law firms. An IFSC caters to customers outside the jurisdiction of the domestic economy. Twitter. It would provide Indian corporates easier access to global financial markets. An IFSC caters to customers outside the jurisdiction of the domestic economy. IT companies require approval from Development Commissioner, KASEZ only and can start operating post SEZ approval. Useful Links. "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. (3,000,000 sq ft) is … 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. 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, IRDAI, and PFRDA etc.) It was promoted by the Government of Gujarat as a greenfield project. The Innovation Sandbox will be managed and facilitated by the Market Infrastructure Institutions (MIIs) operating within the IFSC. Abhimeet Sinha & Prerna Beri. 1. 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. Under the IFSC guidelines, stocks exchanges established within IFSC in GIFT City may permit dealing in equity shares of companies incorporated outside 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. 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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