Krishnapatanam and Tumakuru Industrial Nodes #upsc #ias #ips #learningspacedigital. It was opened very recently at the International Financial Services Centre (IFSC) in Gujarat 2. 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. An expert panel headed by former World Bank economist Percy Mistry submitted a report on making Mumbai an international financial centre in 2007. 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. 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. The Bill will be applicable to all International Financial Services Centres (IFSCs) set up under the Special Economic Zones Act, 2005. 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Express’ and Other Newspapers: 7 January, 2021, Join UPSC & State PSC Channel  Click Here, Your email address will not be published. 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. International Financial Services Centre (IFSC) The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. Views: 1128. 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) is India’s first its kinds of centre that was commissioned at the Gujarat International Financial Tec (GIFT) City, Gandhinagar. IFSC would also complement and promote further development of financial markets in India. Contents: Indian SARS-CoV-2 Genomic Consortia (INSACOG) Meteorological (Met) Centre … 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. This can be gauged by the fact that result of this exam is around 0.1%. 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. But it was commissioned in Gandhinagar, Gujarat and Gujarat became India’s first International Financial Service Centre (IFSC). This can be gauged by the fact that result of this exam is around 0.1%. The first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. The Government of India has established International Financial Services Centre Authority. The Central Government shall approve only one International Financial Services Centre in a Special Economic Zone. This can be gauged … GS SCORE: International Financial Services Centres Authority Bill, 2019 ias upsc prelims and mains exam, current affairs for ias 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. The report identified International Financial Services Centre (GIFT city) for developing aircraft leasing and financing eco-system in the country. Insights is synonymous with UPSC civil services exam preparation. The International Financial Services Centre in Dublin Ireland. 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. 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. Aatma Nirbhar Bharat 3.0. Highlights The Authority was established through a notification. The IFSC Authority, after detailed deliberations, approved the International Financial Services Centres Authority (Banking) Regulations, 2020. 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-City Co. Ltd is being developed as the country’s first international financial services centre (IFSC) Context. 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. Need for and the benefits of a unified authority: 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) It is India’s first operational smart city and international financial services centre. It was promoted by the Government of Gujarat as a Greenfield project. 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 … 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. 2. Examine this statement in the context of international relations. 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. to India.. Services provided by IFSC: 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 International Financial Services Centres Authority Bill, 2019 is likely to be taken up by Parliament for discussion next week. 4. UPSC: UPSC candidates with management degrees often choose Management as their UPSC Mains Optional. to India.. PIB Summary and Analysis for UPSC Exam. 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. 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.) Regional Financial Centers (RFCs): They serve their regional economies rather than their national economies, e.g., Dubai or Hong Kong. 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. Financial centres that cater to customers outside their own jurisdiction are referred to as international (IFCs) or offshore Financial Centers (OFCs). Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. 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. UPSC DAILY CURRENT AFFAIRS | PRELIM BITS 03-12-2020. Gujarat International Finance Tec (GIFT) City. The first IFSC was setup at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. 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 Service Centre (IFSC) An IFSC caters to customers outside the jurisdiction of the domestic economy. 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. UPS® is wereldwijd een van de grootste en meest betrouwbare wereldwijde verzend- en logistieke bedrijven. Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. Verzend en traceer binnenlandse en internationale afleveringen en overzeese vracht. NSE’s International Exchange & Clearing Corporation has also commenced operations in June 2017. This can be gauged by the fact that result of this exam is around 0.1%. 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. IFSC Authority approves the International Financial Services Centre Authority (Banking) Regulations, 2020 Such centres deal with flows of finance, financial products and services across borders. The UPSC EPFO exam is scheduled to take place on May 9, 2021. 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. 2. It will regulate all such financial services and products which has already been permitted by the Financial Sector Regulators for IFSCs. Posted on : 05 Feb 2020. 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. Save my name, email, and website in this browser for the next time I comment. 2. The IFSC centre is India seeks to offer a business environment which will match other leading centres in the world like Singapore and London. 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 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. Latest Current Affairs in about international financial services centre. Unified Regulator: In order to ensure this, the business and … International Bullion Exchange Centre and International Financial Services Centre. ... Gujarat International Finance Tec (GIFT) City is India's first operational smart city and international financial services centre. It is located on the banks of the Sabarmati River. 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 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. Many emerging IFSCs around the world are aspiring to play a global role e.g. It will Regulate financial products, financial services or FIs as may be notified by the Central Government from time to time. Crisp news summaries and articles on current events about international financial services centre for IBPS, Banking, UPSC, Civil services. IFSCA was established in the year 2019 with its head office in Gandhinagar. Official web site of the IFSC in Dublin containing information about all companies trading in the 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. International Financial Services Centre Authority (Global in-house Centre) circulation 2020. Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. Q. International Bullion Exchange Centre and International Financial Services Centre. Current Affairs [PDF] - January 1-15, 2021, Current Affairs MCQs PDF - December, 2020, Current Affairs [PDF] - December 16-31, 2020. Service Tax are Levied by the Centre but Collected and Appropriated by the Centre and the States. It was first decided to set up in Mumbai on the basis of the reports of the High Powered Expert Committee (HPEC) in 2007. 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. In a way, they connect their financial systems to the world. The International Financial Services Centres Authority (IFSCA) has become an Associate Member of the International Organization of Securities Commissions (IOSCO). Your email address will not be published. The headquarters of the authority is to be established in Gandhinagar, Gujarat. The Government of India seeks to introduce the IFSC Bill, 2019 which seeks to setup The International Financial Services Centres Authority. The report identified International Financial Services Centre (GIFT city) for developing aircraft leasing and financing eco-system in the country. 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 has been set up at GIFT City, Gandhinagar, Gujarat. 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.) Shanghai and Dubai. We are not taking an adversarial stand,” Mehta said. With this, the government has established a unified authority to regulate all financial services in International Financial Services Centres (IFSCs) in the country. However, the global financial crisis that unfolded in 2008 made countries including India cautious about rapidly opening up their financial sectors. Ireland's finance portal for International Financial Services. 3. 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. 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. The notification issued by the GoI brings into effect certain effects of IFSCA Act, 2019. This can be gauged … 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. It will recommend to the Central Government such financial products, services and institutions which may be permitted in the IFSCs. Financial services and products will require a more focussed and dedicated regulatory intervention. Shri Pankaj Jain serves as Additional Secretary, Department of Financial Services, Ministry of Finance, Government of India. 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. 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; All these centres are ‘international’ in the sense that they deal with the flow of finance and financial products/services across borders. ... UPSC CIVIL SERVICES (CSE) MAINS EXAMINATION 2020 [UPSC Mains 2020] PSYCHOLOGY OPTIONAL – UPSC CIVIL SERVICES (CSE) MAINS EXAMINATION 2020 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. Gift City: Gujarat International Finance Tec (GIFT) City located on the banks of the Sabarmati River. This would result in providing the Indian corporate sector access to global financial markets. ; RECENT DEVELOPMENTS This is "International Financial Services Centres Authority, Know all about it, Current Affairs 2020 #UPSC" by Study IQ Education on Vimeo, the home for… UPSC 2021 Online Coaching Classes | Bilingual GS Foundation Batch. Image of centre, sunset, services - 167097449 Aiming for UPSC CSE 2021? 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. 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