Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. An IFSC caters to customers outside the jurisdiction of the domestic economy. Fundraising operations for individuals, corporations and governments. The Central Government shall approve only one International Financial Services Centre in a Special Economic Zone. It will recommend to the Central Government such financial products, services and institutions which may be permitted in the IFSCs. 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 … The finance ministry has established the International Financial Services Centres Authority (IFSCA) through a notification on Monday. 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 first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. From UPSC perspective, the following things are important: Prelims level: IFSC Authority Bill. Based on the Recommendation of IFSCA, the Government of India notified Global inhouse centres as financial services. to India.. Asset management, portfolio diversification by pension funds, insurance companies and mutual funds. Examine this statement in the context of international relations. 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. This can be gauged by the fact that result of this exam is around 0.1%. Many emerging IFSCs around the world are aspiring to play a global role e.g. UPSC DAILY CURRENT AFFAIRS | PRELIM BITS 03-12-2020. E-Book: 060 - Economic Growth Development, © Copyright 2009-2019 GKToday | All Rights Reserved. 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. 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. 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; The apex court sought response from the Centre and the UPSC … Financial centres that cater to customers outside their own jurisdiction are referred to as international (IFCs) or offshore Financial Centers (OFCs). The report identified International Financial Services Centre (GIFT city) for developing aircraft leasing and financing eco-system in the country. It will Regulate financial products, financial services or FIs as may be notified by the Central Government from time to time. 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. The headquarters of the authority is to be established in Gandhinagar, Gujarat. 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. The IFSC Authority, after detailed deliberations, approved the International Financial Services Centres Authority (Banking) Regulations, 2020. 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. International Financial Services Centre (IFSC) The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. Current Affairs [PDF] - January 1-15, 2021, Current Affairs MCQs PDF - December, 2020, Current Affairs [PDF] - December 16-31, 2020. 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.) Finance Minister Nirmala Sitharaman introduced the Bill in Lok Sabha on November 25. Only one International Financial Services Centre is approved in a Special Economic Zone. 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. Gift City: Gujarat International Finance Tec (GIFT) City located on the banks of the Sabarmati River. on International Financial Services Centre (IFSC): Explained, IAS Prelims Mock-Test 2021 – Set 85, 7 January. Krishnapatanam and Tumakuru Industrial Nodes #upsc #ias #ips #learningspacedigital. It was promoted by the Government of Gujarat as a greenfield project. 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. 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 Bill will be applicable to all International Financial Services Centres (IFSCs) set up under the Special Economic Zones Act, 2005. An expert panel headed by former World Bank economist Percy Mistry submitted a report on making Mumbai an international financial centre in 2007. UPSC 2021 Online Coaching Classes | Bilingual GS Foundation Batch. GS SCORE: International Financial Services Centres Authority Bill, 2019 ias upsc prelims and mains exam, current affairs for ias The International Financial Services Centres Authority Bill, 2019 is likely to be taken up by Parliament for discussion next week. IFSC would also complement and promote further development of financial markets in India. 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.) 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 is applicable to all IFSCs set up under the Special Economic Zones Act, 2005. The UPSC EPFO exam is scheduled to take place on May 9, 2021. Photo about International Financial Services Centre at night time, IFSC, Dublin, Ireland. The International Financial Services Centres Authority (IFSCA) It is a statutory unified regulatory body under the Department of Economic Affairs, Ministry of Finance. UPSC has announced that candidates who had applied for EPFO exams will be allowed to change the preferences for exam centre. 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. 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) 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. However, the global financial crisis that unfolded in 2008 made countries including India cautious about rapidly opening up their financial sectors. The first IFSC in India was set up at GIFT City in Gandhinagar, Gujarat. 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 first IFSC was setup at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. Official web site of the IFSC in Dublin containing information about all companies trading in the 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. 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. 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. Save my name, email, and website in this browser for the next time I comment. Such centres deal with flows of finance, financial products and services across borders. to India.. This is "International Financial Services Centres Authority, Know all about it, Current Affairs 2020 #UPSC" by Study IQ Education on Vimeo, the home for… It is located on the banks of the Sabarmati River. 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 International Financial Services Centres Authority (IFSCA) has become an Associate Member of the International Organization of Securities Commissions (IOSCO). The International Financial Services Centre in Dublin Ireland. But it was commissioned in Gandhinagar, Gujarat and Gujarat became India’s first International Financial … In a way, they connect their financial systems to the world. What are the services an IFSC can provide? Services provided by IFSC: Financial services and products will require a more focussed and dedicated regulatory intervention. 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. 3. 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. Need for and the benefits of a unified authority: Required fields are marked *. Shri Pankaj Jain serves as Additional Secretary, Department of Financial Services, Ministry of Finance, Government of India. 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. Views: 1128. This can be gauged … 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. According to UPSC, the candidates will be allowed to change their exam centre in two phases. But it was commissioned in Gandhinagar, Gujarat and Gujarat became India’s first International Financial Service Centre (IFSC). Such centres deal with flows of finance, financial products and services … 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. “It is under active consideration of the Centre and UPSC. Insights is synonymous with UPSC civil services exam preparation. PIB Summary and Analysis for UPSC Exam. (150 words)10 (a) ... (SEZ) in a southern state to boost exports. Context. These centres will provide services related to financial products . The IFSC comes under the portfolio responsibility of the Minister of Finance. 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. Your email address will not be published. The Government of India seeks to introduce the IFSC Bill, 2019 which seeks to setup The International Financial Services Centres Authority. 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. 2. 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. Contents: Chakmas and Hajongs; International Financial Services Centre Authority 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. Views: 1128. Gujarat International Finance Tec (GIFT) City. Aatma Nirbhar Bharat 3.0. NSE’s International Exchange & Clearing Corporation has also commenced operations in June 2017. Image of centre, sunset, services - 167097449 Posted on : 05 Feb 2020. 1. ; RECENT DEVELOPMENTS Contents: Indian SARS-CoV-2 Genomic Consortia (INSACOG) Meteorological (Met) Centre … UPSC: UPSC candidates with management degrees often choose Management as their UPSC Mains Optional. The report identified International Financial Services Centre (GIFT city) for developing aircraft leasing and financing eco-system in the country. 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