international financial services centre upsc

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. These centres are like Paris, Frankfurt, Tokyo and Sydney. 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. International Financial Services Centre (IFSC) The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. Shanghai and Dubai. Gift City: Gujarat International Finance Tec (GIFT) City located on the banks of the Sabarmati River. Gujarat International Finance Tec (GIFT) City. 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: 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 IFSC comes under the portfolio responsibility of the Minister of Finance. With reference to the “India International Exchange” , consider the following statements : 1. 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Express’ and Other Newspapers: 7 January, 2021, Join UPSC & State PSC Channel  Click Here, Your email address will not be published. An IFSC caters to customers outside the jurisdiction of the domestic economy. 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. Subsequently, India International Exchange (INX) commenced trading from January 16, 2017. 2. 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. Posted on : 05 Feb 2020. 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. 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. Image of centre, sunset, services - 167097449 Every year approximately one million aspirants compete for less than thousand vacancies. 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. 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 Centre in Dublin Ireland. UPSC: UPSC candidates with management degrees often choose Management as their UPSC Mains Optional. Views: 1128. 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. UPS® is wereldwijd een van de grootste en meest betrouwbare wereldwijde verzend- en logistieke bedrijven. ... (PSUs). 2. The first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. The notification issued by the GoI brings into effect certain effects of IFSCA Act, 2019. Many emerging IFSCs around the world are aspiring to play a global role e.g. Verzend en traceer binnenlandse en internationale afleveringen en overzeese vracht. The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. It is located on the banks of the Sabarmati River. The Government of India seeks to introduce the IFSC Bill, 2019 which seeks to setup The International Financial Services Centres Authority. 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 in India was set up at GIFT City in Gandhinagar, Gujarat. This would result in providing the Indian corporate sector access to global financial markets. Krishnapatanam and Tumakuru Industrial Nodes #upsc #ias #ips #learningspacedigital. 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. This can be gauged … 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 … Need for and the benefits of a unified authority: 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). IFSCA was established in the year 2019 with its head office in Gandhinagar. It will Regulate financial products, financial services or FIs as may be notified by the Central Government from time to time. Latest Current Affairs in about international financial services centre. 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. Aatma Nirbhar Bharat 3.0. GS SCORE: International Financial Services Centres Authority Bill, 2019 ias upsc prelims and mains exam, current affairs for ias 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 is applicable to all IFSCs set up under the Special Economic Zones Act, 2005. The Bill will be applicable to all International Financial Services Centres (IFSCs) set up under the Special Economic Zones Act, 2005. 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. 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. on International Financial Services Centre (IFSC): Explained, IAS Prelims Mock-Test 2021 – Set 85, 7 January. These centres will provide services related to financial products . Insights is synonymous with UPSC civil services exam preparation. The Central Government shall approve only one International Financial Services Centre in a Special Economic Zone. The Government of India has established International Financial Services Centre Authority. 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; Gujarat International Finance Tec-City Co. Ltd is being developed as the country’s first international financial services centre (IFSC) Based on the Recommendation of IFSCA, the Government of India notified Global inhouse centres as financial services. This can be gauged by the fact that result of this exam is around 0.1%. The report identified International Financial Services Centre (GIFT city) for developing aircraft leasing and financing eco-system in the country. This can be gauged … ... Gujarat International Finance Tec (GIFT) City is India's first operational smart city and international financial services centre. It was first decided to set up in Mumbai on the basis of the reports of the High Powered Expert Committee (HPEC) in 2007. This can be gauged by the fact that result of this exam is around 0.1%. 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. to India.. 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 It is India’s first operational smart city and international financial services centre. 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. Save my name, email, and website in this browser for the next time I comment. What are the services an IFSC can provide? 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. An expert panel headed by former World Bank economist Percy Mistry submitted a report on making Mumbai an international financial centre in 2007. 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. IFSC Authority approves the International Financial Services Centre Authority (Banking) Regulations, 2020 Ireland's finance portal for International Financial Services. 2. The UPSC EPFO exam is scheduled to take place on May 9, 2021. 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. Such centres deal with flows of finance, financial products and services across borders. From UPSC perspective, the following things are important: Prelims level: IFSC Authority Bill. IFSC would also complement and promote further development of financial markets in India. In a way, they connect their financial systems to the world. E-Book: 060 - Economic Growth Development, © Copyright 2009-2019 GKToday | All Rights Reserved. Views: 1128. Service Tax are Levied by the Centre but Collected and Appropriated by the Centre and the States. International Bullion Exchange Centre and International Financial Services Centre. UPSC 2021 Online Coaching Classes | Bilingual GS Foundation Batch. Press Information Bureau(PIB) IAS UPSC – 8th November to 14th November – 2020; GS-2. It was opened very recently at the International Financial Services Centre (IFSC) in Gujarat 2. Services provided by IFSC: With this, the government has established a unified authority to regulate all financial services in International Financial Services Centres (IFSCs) in the country. 3. 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. Q. Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. Only one International Financial Services Centre is approved in a Special Economic Zone. 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. 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 headquarters of the authority is to be established in Gandhinagar, Gujarat. 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. Financial services and products will require a more focussed and dedicated regulatory intervention. UPSC has announced that candidates who had applied for EPFO exams will be allowed to change the preferences for exam centre. 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.) Domestic economy Online Coaching Classes | Bilingual GS Foundation Batch and website in this browser for the next I. 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