Govt to set up unified authority for regulating financial services in IFSCs
5 years, 11 months ago

Govt to set up unified authority for regulating financial services in IFSCs

Live Mint  

New Delhi: The Union Cabinet Wednesday approved a Bill to set up a unified authority for regulating all financial services in international financial services centres in the country. The dynamic nature of business in the IFSCs necessitates a high degree of inter-regulatory coordination, he said while explaining the rationale behind the International Financial Services Centres Authority Bill, 2019. An IFSC enables to bring back to India the financial services and transactions that are currently carried out in offshore financial centers by Indian corporate entities and overseas branches or subsidiaries of financial institutions. "The establishment of a unified financial regulator for IFSCs will result in providing world-class regulatory environment to market participants from an ease of doing business perspective," said an official release.

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History of this topic

AIFs could receive authorization to issue P-notes from within IFSC: Report
1 year, 3 months ago

AIFs could receive authorization to issue P-notes from within IFSC: Report

Live Mint  

The International Financial Services Centres Authority is considering the possibility of permitting alternative investment funds to issue offshore derivative instruments or participatory notes from the GIFT IFSC, reported Business Line. The P-notes enable foreign investors to gain indirect exposure to Indian securities without the requirement of registering with the nation's market regulatory body. The current year's budget officially acknowledged ODIs …

2023 Amendments To The IFSC Banking Regulations: Strengthening The Regulatory Framework For Banking In The IFSC
1 year, 4 months ago

2023 Amendments To The IFSC Banking Regulations: Strengthening The Regulatory Framework For Banking In The IFSC

Live Law  

International Financial Services Centres Authority was established on April 27, 2020 under International Financial Services Centres Authority Act, 2019. • Prudential regulatory requirements and norms: The Regulations require units to adhere to norms and guidelines prescribed by IFSCA, from time to time, in relation to maintaining liquidity coverage ratio, net stable funding ratio, leverage ratio; exposure ceiling and ascertaining the …

Budget 2023: Major boost for Gujarat’s GIFT City as govt ends dual regulation
1 year, 11 months ago

Budget 2023: Major boost for Gujarat’s GIFT City as govt ends dual regulation

Hindustan Times  

The Union Budget 2023 delegated powers under the special economic zone Act to International Financial Services Centres Authority to avoid dual regulation. The policy support laid out by the Union government will certainly act as a catalyst in expediting the growth of GIFT City thus making it a vibrant global financial hub for domestic and international entities,” said Tapan Ray, …

Finance Minister Proposes Tax Incentives To International Financial Services Centre
1 year, 11 months ago

Finance Minister Proposes Tax Incentives To International Financial Services Centre

Live Law  

In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman proposed tax incentives to the international financial services centre. Over the past few years several tax concessions have been provided to units located in the International Financial Services Centre under the Act to make it a global hub of the financial services sector. Income of non-residents on transfer of Offshore Derivative …

IFSC a path-breaking financial reform: Economic Survey
1 year, 11 months ago

IFSC a path-breaking financial reform: Economic Survey

Hindustan Times  

India’s maiden International Financial Services Centre in Gujarat International Finance Tec-City at Gandhinagar has been a path breaking financial reform, underpinning the country’s increasingly liberal outlook towards capital account convertibility, according to the Economic Survey report released on Tuesday. “Given this backdrop, setting up and operationalising India’s maiden IFSC in GIFT City has been a path-breaking financial reform underpinning India’s …

FM Sitharaman invites US universities to start operation at IFSC in Gujarat
2 years, 8 months ago

FM Sitharaman invites US universities to start operation at IFSC in Gujarat

Live Mint  

Finance Minister Nirmala Sitharaman on Friday interacted with the representatives of 14 distinguished US universities and invited them to set up foreign universities and institutions at the International Financial Services Centre in Gandhinagar, Gujarat, according to news agency PTI report. Budget 2022-23 permitted setting-up of world-class foreign universities in Gandhinagar's GIFT City, free from domestic regulations, to facilitate the availability …

PM Modi to inaugurate thought leadership forum on FinTech on December 3
3 years, 1 month ago

PM Modi to inaugurate thought leadership forum on FinTech on December 3

The Hindu  

Prime Minister Narendra Modi will inaugurate the InFinity Forum, a thought leadership forum on FinTech, on December 3 via video-conferencing. The Prime Minister’s Office said the event is being hosted by the International Financial Services Centres Authority under the aegis of the Government of India in collaboration with GIFT City and Bloomberg on December 3 and 4. The PMO said …

Liberalized remittance scheme may cover IFSC
4 years, 3 months ago

Liberalized remittance scheme may cover IFSC

Live Mint  

Mumbai: On Monday, a committee set up by the International Financial Services Centres Authority, the regulator for IFSC, submitted its first interim report for development of international retail segment As per the press statement issued by the department of economic affairs the report covers a number of suggestions for swift and efficient development of international retail businesses but focuses mainly …

IFSCA sets up committee for international retail business development
4 years, 5 months ago

IFSCA sets up committee for international retail business development

Live Mint  

The work to establish the International Financial Services Centre as a credible international jurisdiction and gain from the changing geopolitical situation has picked up steam. On Monday, the International Financial Services Centres Authority, the regulator for IFSC, set up a committee for international retail business development. The panel has been tasked to suggest measures for developing international retail business in …

Govt notifies appointment of Injeti Srinivas as chairman of IFSCA
4 years, 6 months ago

Govt notifies appointment of Injeti Srinivas as chairman of IFSCA

Live Mint  

Senior bureaucrat Injeti Srinivas has been appointed as the first chairman of the International Financial Services Centre Authority for the Gandhinagar-based financial special economic zone or Gujarat International Finance Tech City. This comes after the Union government notified the setting up of the IFSCA on 28 April, which will act as a unified authority to regulate all financial services in …

Bills on corporate tax, unified regulator for IFSCs in Lok Sabha today
5 years, 1 month ago

Bills on corporate tax, unified regulator for IFSCs in Lok Sabha today

Live Mint  

The government will introduce two important Bills in the Lok Sabha on Monday -- the Taxation Laws Bill and the International Financial Services Centres Authority Bill. A new provision was inserted in the Income Tax Act that with effect from the current financial year, an existing domestic company can opt to pay tax at 22 per cent plus surcharge at …

Govt introduces IFSC Bill in Rajya Sabha
5 years, 10 months ago

Govt introduces IFSC Bill in Rajya Sabha

Live Mint  

The government Tuesday introduced a Bill to set up a unified authority for regulating all financial services in international financial services centres in the country. The International Financial Services Center Authority Bill, 2019 mandates that transaction of financial services in the IFCS shall be governed by an Authority headed by a Chairman. It will be "regulating the financial products, financial …

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