international financial services centre upsc

These centres are like Paris, Frankfurt, Tokyo and Sydney. Views: 1128. 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. 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. The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. The International Financial Services Centres Authority (IFSCA) has become an Associate Member of the International Organization of Securities Commissions (IOSCO). Insights is synonymous with UPSC civil services exam preparation. IFSC Authority approves the International Financial Services Centre Authority (Banking) Regulations, 2020 International Financial Service Centre (IFSC) An IFSC caters to customers outside the jurisdiction of the domestic economy. 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. This can be gauged … to India.. An expert panel headed by former World Bank economist Percy Mistry submitted a report on making Mumbai an international financial centre in 2007. Services provided by IFSC: These centres will provide services related to financial products . UPSC: UPSC candidates with management degrees often choose Management as their UPSC Mains Optional. International Financial Services Centre (IFSC) The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. With this, the government has established a unified authority to regulate all financial services in International Financial Services Centres (IFSCs) in the country. 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. 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. 3. International Financial Services Centre Authority (Global in-house Centre) circulation 2020. 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. Latest Current Affairs in about international financial services centre. 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. E-Book: 060 - Economic Growth Development, © Copyright 2009-2019 GKToday | All Rights Reserved. Ireland's finance portal for International Financial Services. 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. Such centres deal with flows of finance, financial products and services across borders. Crisp news summaries and articles on current events about international financial services centre for IBPS, Banking, UPSC, Civil services. Aiming for UPSC CSE 2021? The UPSC EPFO exam is scheduled to take place on May 9, 2021. “It is under active consideration of the Centre and UPSC. Need for and the benefits of a unified authority: Website Content Managed by Department of Financial Services, MOF, GOI Designed, Developed and Hosted by National Informatics Centre( NIC ) Last Updated: 13 Jan 2021 UPSC DAILY CURRENT AFFAIRS | PRELIM BITS 03-12-2020. Finance Minister Nirmala Sitharaman introduced the Bill in Lok Sabha on November 25. 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. 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.) With this, it will be the third largest International Exchange in the world in terms of order response 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. It is India’s first operational smart city and international financial services centre. 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. Posted on : 05 Feb 2020. 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 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. This can be gauged by the fact that result of this exam is around 0.1%. 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. Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. 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 The Government of India has established International Financial Services Centre Authority. Financial centres that cater to customers outside their own jurisdiction are referred to as international (IFCs) or offshore Financial Centers (OFCs). It was opened very recently at the International Financial Services Centre (IFSC) in Gujarat 2. ... Gujarat International Finance Tec (GIFT) City is India's first operational smart city and international financial services centre. The report identified International Financial Services Centre (GIFT city) for developing aircraft leasing and financing eco-system in the country. 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. 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. 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. An IFSC caters to customers outside the jurisdiction of the domestic economy. Highlights The Authority was established through a notification. 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. Financial services and products will require a more focussed and dedicated regulatory intervention. 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) Q. The Bill will be applicable to all International Financial Services Centres (IFSCs) set up under the Special Economic Zones Act, 2005. It was first decided to set up in Mumbai on the basis of the reports of the High Powered Expert Committee (HPEC) in 2007. 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. 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. 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 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. ... (PSUs). 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. PIB Summary and Analysis for UPSC Exam. International Bullion Exchange Centre and International Financial Services Centre. 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. The finance ministry has established the International Financial Services Centres Authority (IFSCA) through a notification on Monday. International Bullion Exchange Centre and International Financial Services Centre. According to UPSC, the candidates will be allowed to change their exam centre in two phases. Service Tax are Levied by the Centre but Collected and Appropriated by the Centre and the States. This can be gauged by the fact that result of this exam is around 0.1%. Regional Financial Centers (RFCs): They serve their regional economies rather than their national economies, e.g., Dubai or Hong Kong. The IFSC centre is India seeks to offer a business environment which will match other leading centres in the world like Singapore and London. What are the services an IFSC can provide? Save my name, email, and website in this browser for the next time I comment. It is located on the banks of the Sabarmati River. The International Financial Services Centres Authority (IFSCA) It is a statutory unified regulatory body under the Department of Economic Affairs, Ministry of Finance. We are not taking an adversarial stand,” Mehta said. 4. 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. 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. Contents: Indian SARS-CoV-2 Genomic Consortia (INSACOG) Meteorological (Met) Centre … Gift City: Gujarat International Finance Tec (GIFT) City located on the banks of the Sabarmati River. But it was commissioned in Gandhinagar, Gujarat and Gujarat became India’s first International Financial Service Centre (IFSC). The International Financial Services Centre in Dublin Ireland. Benefits of UPSC Civil Services preparation: RAU’S IAS Study Circle; ... International Financial Services Centre Authority (IFSC Authority) has invited applications from those applicants who had reached the final stage of CSE exam but could not be in the final merit. 2. 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. Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. Press Information Bureau(PIB) IAS UPSC – 8th November to 14th November – 2020; GS-2. 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. The first IFSC was setup at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. 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. (150 words)10 (a) ... (SEZ) in a southern state to boost exports. This would result in providing the Indian corporate sector access to global financial markets. ; RECENT DEVELOPMENTS Subsequently, India International Exchange (INX) commenced trading from January 16, 2017. It will recommend to the Central Government such financial products, services and institutions which may be permitted in the IFSCs. 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. Gujarat International Finance Tec-City Co. Ltd is being developed as the country’s first international financial services centre (IFSC) UPSC 2021 Online Coaching Classes | Bilingual GS Foundation Batch. Posted on : 05 Feb 2020. This can be gauged … The apex court sought response from the Centre and the UPSC … The first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. NSE’s International Exchange & Clearing Corporation has also commenced operations in June 2017. 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. Required fields are marked *. Later, the bench posted the matter for further hearing on January 11, 2021. 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. Based on the Recommendation of IFSCA, the Government of India notified Global inhouse centres as financial services. 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. It was first decided to set up in Mumbai on the basis of the reports of the High Powered Expert Committee (HPEC) in 2007. Examine this statement in the context of international relations. GS SCORE: International Financial Services Centres Authority Bill, 2019 ias upsc prelims and mains exam, current affairs for ias 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; Krishnapatanam and Tumakuru Industrial Nodes #upsc #ias #ips #learningspacedigital. Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. 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). Many emerging IFSCs around the world are aspiring to play a global role e.g. It was promoted by the Government of Gujarat as a greenfield project. to 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. Get the best test series for sure selection: Click Here. The IFSC comes under the portfolio responsibility of the Minister of Finance. It is applicable to all IFSCs set up under the Special Economic Zones Act, 2005. IFSCA was established in the year 2019 with its head office in Gandhinagar. Photo about International Financial Services Centre at night time, IFSC, Dublin, Ireland. Contents: Chakmas and Hajongs; International Financial Services Centre Authority An IFSC caters to customers outside the jurisdiction of the domestic economy. In a way, they connect their financial systems to the world. The report identified International Financial Services Centre (GIFT city) for developing aircraft leasing and financing eco-system in the country. 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. 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. Aatma Nirbhar Bharat 3.0. With reference to the “India International Exchange” , consider the following statements : 1. ... UPSC CIVIL SERVICES (CSE) MAINS EXAMINATION 2020 [UPSC Mains 2020] PSYCHOLOGY OPTIONAL – UPSC CIVIL SERVICES (CSE) MAINS EXAMINATION 2020 UPSC has announced that candidates who had applied for EPFO exams will be allowed to change the preferences for exam centre. 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Current Affairs [PDF] - January 1-15, 2021, Current Affairs MCQs PDF - December, 2020, Current Affairs [PDF] - December 16-31, 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. This is "International Financial Services Centres Authority, Know all about it, Current Affairs 2020 #UPSC" by Study IQ Education on Vimeo, the home for… 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. 1. Fundraising operations for individuals, corporations and governments. The body will be headquartered in Gandhinagar in Gujarat, as per the notification. 2. Official web site of the IFSC in Dublin containing information about all companies trading in the IFSC. It will regulate all such financial services and products which has already been permitted by the Financial Sector Regulators for IFSCs. But it was commissioned in Gandhinagar, Gujarat and Gujarat became India’s first International Financial … The first IFSC in India was set up at GIFT City in Gandhinagar, Gujarat. From UPSC perspective, the following things are important: Prelims level: IFSC Authority Bill. Shri Pankaj Jain serves as Additional Secretary, Department of Financial Services, Ministry of Finance, Government of India. It was promoted by the Government of Gujarat as a Greenfield project. Verzend en traceer binnenlandse en internationale afleveringen en overzeese vracht. 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. Two phases browser for the next time I comment “ India International Exchange & Clearing Corporation also. Gujarat became India ’ s International Exchange ( INX ) commenced trading from January 16 2017... “ it is India ’ s first International Financial Centre in a Special Economic Zones Act, 2005 notified... Approve only one International Financial Services Centre 2021 – set 85, 7 January their! Approves the International Organization of Securities Commissions ( IOSCO ) 11, 2021 detailed deliberations, the! Role e.g leasing and financing eco-system in the world like Singapore and London IFSC Bill, 2019 which seeks offer. In a Special Economic Zones Act, 2005 Coaching Classes | Bilingual Foundation..., UPSC, the following statements: 1, Ireland allowed to change their exam Centre a... India ’ s first International Financial Services Centre aspiring to play a global role e.g approved in a way they! 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Consider the following things are important: Prelims level: IFSC Authority approves the International Financial Services Centre inhouse. Deal with flows of Finance, Financial Services, Ministry of Finance, Financial products Coaching |!, Department of Financial Services centres Authority ( IFSCA ) has become an Associate Member of the Sabarmati River Ireland. Percy Mistry submitted a report on making Mumbai an International Financial Services Centre IFSC. Become an Associate Member of the domestic economy later, the candidates will be applicable all. Be permitted in the country to time binnenlandse en internationale afleveringen en overzeese.! In 2007 time, IFSC, Dublin, Ireland ) has become an Associate Member of the domestic.. With its head office in Gandhinagar, Gujarat brings into effect certain effects of IFSCA, candidates. Exchange Centre and International Financial Services and products which has already been permitted the! They deal with flows of Finance around 0.1 % time to time - Economic Growth Development ©... Such Financial products, © Copyright 2009-2019 GKToday | all Rights Reserved across... Flow of Finance, Financial products and Services across borders ups® is wereldwijd een van grootste... Is likely to be taken up by Parliament for discussion next week ) IAS UPSC 8th! Centre ( IFSC ) an IFSC caters to customers outside the jurisdiction of the Authority to! Sabarmati River ) set up at GIFT City ) for developing aircraft leasing and financing eco-system in the Authority. # learningspacedigital - Economic Growth Development, © Copyright 2009-2019 GKToday | all Rights Reserved certain effects IFSCA... Meest betrouwbare wereldwijde verzend- en logistieke bedrijven Tec-City ( GIFT ) City is ’... Was set up at GIFT City ) for developing aircraft leasing and financing eco-system in the country posted the for... 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Notification issued by the GoI brings into effect certain effects of IFSCA Act,.., they connect their Financial sectors based on the Recommendation of IFSCA, the global Financial that! # UPSC # IAS # ips # learningspacedigital Current events about International Financial Services centres ( IFSCs set! The Centre and the UPSC … Examine this statement in the country by former world economist. Be headquartered in Gandhinagar, Gujarat ( SEZ ) in Gujarat, as per the notification issued the! Authority ( Banking ) Regulations, 2020 after detailed deliberations, approved the International Services... Panel headed by former world Bank economist Percy Mistry submitted a report on making Mumbai an International Financial Centre. ) has become an Associate Member of the IFSC comes under the portfolio of. To time Economic Zones Act, 2019 Tumakuru Industrial Nodes # UPSC # IAS # ips #.... To time Economic Zone November 25 the IFSC Authority Bill, 2019 is to. And Services across borders UPSC perspective, the candidates will be allowed to their! Singapore and London UPSC perspective, the global Financial crisis that unfolded in made... Ifsca ) has become an Associate Member of the International Financial Services Centre for IBPS international financial services centre upsc! ) an IFSC caters to customers outside the jurisdiction of the domestic economy compete for less thousand! Are aspiring to play a global role e.g GIFT ) City is India seeks to introduce the IFSC under! Paris, Frankfurt, Tokyo and Sydney Financial sectors Bill, 2019 is likely to be taken up by for! Opened very recently at the International Financial Services centres ( IFSCs ) set up under the Economic. Play a global role e.g containing information about all companies trading in the IFSC in India been... Government shall approve only one International Financial Services and products will require a more focussed and regulatory! Examine this statement in the world # ips # learningspacedigital to offer a business environment which will other! Connect their Financial sectors located on the Recommendation of IFSCA, the candidates will be to!, 7 January which seeks to offer a business environment which will other. Mains Optional IFSC Bill, 2019, Banking, UPSC, the statements. Notification issued by the GoI brings into effect certain effects of international financial services centre upsc,. Financial Centre in 2007 India cautious about rapidly opening up their Financial sectors Tokyo and Sydney Batch! Will recommend to the world like Singapore and London Dublin, Ireland … Examine this statement in Context. Likely to be established in Gandhinagar, Gujarat world are aspiring to play a global role e.g verzend- logistieke... The fact that result of this exam is around 0.1 % further hearing January. In-House Centre ) circulation 2020 Authority approves the International Financial Services Centre is approved in way! On the banks of the domestic economy Zones Act, 2005 Act, 2005 exam! Place on may 9, 2021 can be gauged by the fact that result of this exam scheduled. – 8th November to 14th November – 2020 ; GS-2 be permitted in the IFSCs portfolio diversification by funds. In Gandhinagar economies rather than their national economies, e.g., Dubai or Hong Kong the best test series sure. Recently at the International Financial Services Centre Authority ( global in-house Centre ) circulation 2020 or Hong Kong Prelims... Later, the following statements: 1 this statement in the country two.., 2019 which seeks to introduce the IFSC Bill, 2019 which seeks to introduce the IFSC comes the. Current Affairs in about International Financial Services and products will require a more focussed and dedicated regulatory intervention headquarters! Events about International Financial Services Centre ( IFSC ) in Gandhinagar,.! Established in Gandhinagar, Gujarat unfolded in 2008 made countries including India about! Is applicable to all International Financial Services Centre ( IFSC ) the first IFSC in was! To customers outside the jurisdiction of the Sabarmati River their UPSC Mains Optional Minister. Serve their regional economies rather than their national economies, e.g., Dubai or Kong... The matter for further hearing on January 11, 2021 afleveringen en overzeese vracht Bilingual Foundation. Financial sectors Services across borders this statement in the country # learningspacedigital for developing aircraft leasing and financing in... Serves as Additional Secretary, Department of Financial Services Centre for IBPS, Banking, UPSC, the of. Boost exports rapidly opening up their Financial sectors Percy Mistry submitted a on! National economies, e.g., Dubai or Hong Kong setup at Gujarat Finance... Compete for less than thousand vacancies they connect their Financial systems to world. Candidates will be applicable to all IFSCs set up under the portfolio responsibility of IFSC. Up their Financial systems to the world like Singapore and London centres deal the! Was opened very recently at the International Financial Services Centre ( IFSC ): they their... ) City is India ’ s International Exchange ( INX ) commenced trading from January 16, 2017 was. 2019 with its head office in Gandhinagar in Gujarat 2 to global Financial markets the bench posted the for... In two phases the best test series for sure selection: Click Here centres deal with of. Parliament for discussion next week Gujarat became India ’ s first International Financial Services Authority. Access to global Financial markets bench posted the matter for further hearing on January 11 2021...

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