international financial services centre upsc

international financial services centre upsc

2. 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. Latest Current Affairs in about international financial services centre. 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. 4. 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. Examine this statement in the context of international relations. Shri Pankaj Jain serves as Additional Secretary, Department of Financial Services, Ministry of Finance, Government of India. ... (PSUs). to India.. But it was commissioned in Gandhinagar, Gujarat and Gujarat became India’s first International Financial Service Centre (IFSC). 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. 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. With reference to the “India International Exchange” , consider the following statements : 1. UPS® is wereldwijd een van de grootste en meest betrouwbare wereldwijde verzend- en logistieke bedrijven. 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. 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. Get the best test series for sure selection: Click Here. Need for and the benefits of a unified authority: Contents: Chakmas and Hajongs; International Financial Services Centre Authority In a way, they connect their financial systems to the world. With this, the government has established a unified authority to regulate all financial services in International Financial Services Centres (IFSCs) in the country. Views: 1128. 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. Such centres deal with flows of finance, financial products and services across borders. E-Book: 060 - Economic Growth Development, © Copyright 2009-2019 GKToday | All Rights Reserved. The Bill will be applicable to all International Financial Services Centres (IFSCs) set up under the Special Economic Zones Act, 2005. The International Financial Services Centres Authority (IFSCA) has become an Associate Member of the International Organization of Securities Commissions (IOSCO). 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. 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. Shanghai and Dubai. Asset management, portfolio diversification by pension funds, insurance companies and mutual funds. NSE’s International Exchange & Clearing Corporation has also commenced operations in June 2017. It was promoted by the Government of Gujarat as a Greenfield project. 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. This can be gauged … Service Tax are Levied by the Centre but Collected and Appropriated by the Centre and the States. 2. 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. GS SCORE: International Financial Services Centres Authority Bill, 2019 ias upsc prelims and mains exam, current affairs for ias 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 aim is to develop a world-class smart city that becomes a global financial hub with the development of an International Financial Services Centre. Gujarat International Finance Tec (GIFT) City. 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. With this, it will be the third largest International Exchange in the world in terms of order response ... UPSC CIVIL SERVICES (CSE) MAINS EXAMINATION 2020 [UPSC Mains 2020] PSYCHOLOGY OPTIONAL – UPSC CIVIL SERVICES (CSE) MAINS EXAMINATION 2020 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. Subsequently, India International Exchange (INX) commenced trading from January 16, 2017. 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. on International Financial Services Centre (IFSC): Explained, IAS Prelims Mock-Test 2021 – Set 85, 7 January. Unified Regulator: In order to ensure this, the business and … This would result in providing the Indian corporate sector access to global financial markets. Press Information Bureau(PIB) IAS UPSC – 8th November to 14th November – 2020; GS-2. Services provided by IFSC: The International Financial Services Centre in Dublin Ireland. Aiming for UPSC CSE 2021? What are the services an IFSC can provide? Crisp news summaries and articles on current events about international financial services centre for IBPS, Banking, UPSC, Civil services. Such centres deal with flows of finance, financial products and services across borders. The International Financial Services Centres Authority Bill, 2019 is likely to be taken up by Parliament for discussion next week. The IFSC Authority, after detailed deliberations, approved the International Financial Services Centres Authority (Banking) Regulations, 2020. Krishnapatanam and Tumakuru Industrial Nodes #upsc #ias #ips #learningspacedigital. Context. 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. Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. It was opened very recently at the International Financial Services Centre (IFSC) in Gujarat 2. Aatma Nirbhar Bharat 3.0. It will Regulate financial products, financial services or FIs as may be notified by the Central Government from time to time. From UPSC perspective, the following things are important: Prelims level: IFSC Authority Bill. 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.) 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 Government of India seeks to introduce the IFSC Bill, 2019 which seeks to setup The International Financial Services Centres Authority. Finance Minister Nirmala Sitharaman introduced the Bill in Lok Sabha on November 25. Current Affairs [PDF] - January 1-15, 2021, Current Affairs MCQs PDF - December, 2020, Current Affairs [PDF] - December 16-31, 2020. 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 report identified International Financial Services Centre (GIFT city) for developing aircraft leasing and financing eco-system in the country. Required fields are marked *. The IFSC centre is India seeks to offer a business environment which will match other leading centres in the world like Singapore and London. 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. International Financial Services Centre Authority (Global in-house Centre) circulation 2020. Your email address will not be published. Fundraising operations for individuals, corporations and governments. 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. The Government of India has established International Financial Services Centre Authority. 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. These centres will provide services related to financial products . Views: 1128. 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 first IFSC was setup at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. It is applicable to all IFSCs set up under the Special Economic Zones Act, 2005. UPSC DAILY CURRENT AFFAIRS | PRELIM BITS 03-12-2020. Posted on : 05 Feb 2020. 1. 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 … An IFSC caters to customers outside the jurisdiction of the domestic economy. 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. Image of centre, sunset, services - 167097449 Financial centres that cater to customers outside their own jurisdiction are referred to as international (IFCs) or offshore Financial Centers (OFCs). International Bullion Exchange Centre and International Financial Services Centre. to India.. Many emerging IFSCs around the world are aspiring to play a global role e.g. IFSC would also complement and promote further development of financial markets in India. The UPSC EPFO exam is scheduled to take place on May 9, 2021. 2. Gujarat International Finance Tec-City Co. Ltd is being developed as the country’s first international financial services centre (IFSC) 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. 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. Contents: Indian SARS-CoV-2 Genomic Consortia (INSACOG) Meteorological (Met) 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. Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. The finance ministry has established the International Financial Services Centres Authority (IFSCA) through a notification on Monday. The Union Cabinet has approved the 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. But it was commissioned in Gandhinagar, Gujarat and Gujarat became India’s first International Financial … Official web site of the IFSC in Dublin containing information about all companies trading in the IFSC. ... Gujarat International Finance Tec (GIFT) City is India's first operational smart city and international financial services centre. 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. It is India’s first operational smart city and international financial services centre. Gift City: Gujarat International Finance Tec (GIFT) City located on the banks of the Sabarmati River. 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 financial centers by corporate entities and overseas branches / subsidiaries of financial institutions (FIs). Insights is synonymous with UPSC civil services exam preparation. Ireland's finance portal for International Financial Services. Based on the Recommendation of IFSCA, the Government of India notified Global inhouse centres as financial services. Highlights The Authority was established through a notification. Q. An IFSC caters to customers outside the jurisdiction of the domestic economy. Finance, Government of India seeks to offer a business environment which will other. 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