Recently, the central government has established International Financial Services Centres Authority to regulate all financial services in International Financial Services Centres (IFSCs) with headquarters in Gandhinagar (Gujarat). Key takeaways The salient … For reprint rights: Times Syndication Service, AHMEDABAD: The central government has notified the establishment of the International Financial Services Centres Authority. The Ministry of Finance (MoF) has notified the appointment of Injethi Srinivas, IAS as the 1 st Chairman of International Financial Services Centres Authority (IFSCA). 50 OF 2019 [19th December, 2019.] International Arbitration Centre Prime Minister Narendra Modi’s dream project to make Gujarat International Finance Tech City is underway. Updated: 21 Nov 2019, 01:34 AM IST PTI Mumbai’s land was more specific for the IFSC project due to its geographic position and the weather. An Act to provide for the establishment of an Authority to develop and regulate the financial services market in the International Financial Services Centres in India and for matters connected therewith or incidental thereto. INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (Department of Economic Affairs, Ministry of Finance, Government of India) F.No.24/IFSCA/Vacancy notification/2020-2021 September 7, 2020 VACANCY NOTIFICATION International Financial Sevices Centres Authority (IFSCA) is a statutory unified regulatory body ft. of Built Up area which includes Office spaces, Residential Apartments, Schools, Hospital, Hotels, Clubs, Retail and various Recreational facilities, which makes this City a truly “Walk to Work” City. Hemant Desai, Political Analyst said, “Modi’s love for his home state defeated Mumbai’s natural claim to the status of an IFSC. The IFSCA vide its notification dated 4 th December 2020 has published the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 which covers Bullion Exchange, Clearing Corporation, Depository and Vaults.. Any corporate, which is desirous of being recognised as a bullion exchange or bullion clearing corporation may submit an application in the form … It’s nice to have one place to come to, without being too large or institutional. Gujarat International Finance Tec-City (GIFT) -A Global Financial & IT Hub. 2. An ideal destination for finance, business and culture. Key points. In December 2019 the Government of India enacted a law to create an Authority to regulate financial services center and its headquarters is now notified in Ahmedabad. 1. AIFC’s independent judicial body . The finance ministry has established the International Financial Services Centres Authority (IFSCA) through a notification on Monday. Fadnavis also lashes out on people who were blaming PM Modi who wish to make Gujarat and International hub. AIFC Authority. Clearing the air the former chief minister of Maharashtra Devendra Fadnavis in his series of tweets explained, Mumbai has a natural IFSC ecosystem and still can regain if Maharashtra Government wants. International Financial Services Centres Authority (Banking) Regulations, 2020 approved Part of: GS Prelims and GS-III – Economy In news The International Financial Services Centres Authority (IFSCA) approved the International Financial Services Centres Authority (Banking) Regulations, 2020. Rajya Sabha (PTI) Rajya Sabha passes International Financial Services Centres Authority Bill, 2019 1 min read. President of Maharashtra Congress Committee Balasaheb Thorat expresses his distressed through his tweet stating, the center should rethink their decision. Welcome to the Astana Financial Services Authority. A leading International Financial Centre for the MEASA region. Key Points: It will regulate financial services and products like insurance contracts, deposit contracts and financial institution securities … The IFSC Authority is a unified agency to regulate all financial services in international financial services centres in the country and was notified earlier this week. an independent regulator of financial services and related activities in the Astana International Financial Centre. NEW DELHI| The central government gazette dated 27 April, has declared Gandhinagar in Gujarat the new headquarters for the IFSC Authority instead of Mumbai. It was first said to be placed in Mumbai but now IFSC has its place in Gandhinagar. Karnataka: KSRTC Charges Hefty Fare From Migrants Returning Home In Buses, WATCH: 18 Migrants Found Travelling In Cement Mixer, 13 Employees At Kandivali’s Sai Dham Temple Tested Positive Of COVID-19, Parotas Attract 18% GST, Twitter Divided Over Roti & Parota Comparison, New NSSO study reveals GDP calculated on false data, Headlines: Mamata Banerjee Announces To Contest From Rebel Subhendu Adhikari’s Home Turf Nandigram, Business Tit-Bits: DHFL Takeover- More Questions Than Answers, Looking Back At Trump’s Foreign Policy: Hits and Misses | India International | Ep. HW News Network is fully owned Digital News Portal of Theo Connect Private Limited. The idea lead by Manmohan Singh in 2006 of IFSC in Mumbai was following the above specifications of the City. While responding to the question in the Lok Sabha, the then Finance Minister Arun Jaitley made it crystal clear the country can have only one IFSC and that will be in GIFT city in 2017. AIFC’s independent regulator . GIFT City is an integrated development on 886 acres of land with 62 mn sq. The committee has also asked for the promulgation of new, more liberal laws in banking, securities, commodity, and currency trading. — Devendra Fadnavis (@Dev_Fadnavis) May 2, 2020. As Qatar Financial Centre (QFC), we are one of the world's leading and fastest growing onshore business and financial centres. Constitution of the International Financial Services Centres Authority: The Bill provides for the establishment of the International Financial Services Centres Authority. The Times of India News App for Latest City News, Copyright © 2021 Bennett, Coleman & Co. Ltd. All rights reserved. Many state leaders’ responses were bitter when the central decision unfolded. Composition of the authority: The Authority will consist of nine members, appointed by the central government. The recommendations of a committee formed under well-known investment banker Percy Mistry to recommend the path ahead were never followed. 13, First Person: Cheese proves key to survival for Syrian refugee family amid pandemic, Guterres welcomes Palestinian announcement of elections as ‘crucial step’ towards unity. Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and a nominal GDP of US$ 7.7 trillion. Modi, even after becoming the prime minister, has not forgotten that he is a Gujarati first”. Astana International Financial Centre (AIFC) plays a pivotal role in positioning itself as a global centre for business and finance, connecting the economies of the Central Asia, the Caucasus, EAEU, West China, Mongolia, Middle East and Europe. 01. About International Financial Services Centre (IFSC): The Astana International Financial Centre (AIFC) is a financial hub in Nur-Sultan (formerly Astana), Kazakhstan that officially launched on July 5, 2018. Strategically positioned for excellent business opportunities, Qatar is centrally placed between East and West, making it the ideal platform to springboard your growth. centre. Following a senior banker opinion, IFSC in Mumbai would have helped in job creation for about 100,000 in the financial sector direct and another 100,000 in ancillary services. More prominently the city’s Time-zone and the midway between two major IFSC’s i.e Singapore and London make it more unique. This is what financial advisors should do! In 2007, at Vibrant Gujarat Summit, the then Gujarat CM Hon @narendramodi ji announced GIFT City Ahmedabad to be developed as IFSC and appointed ECADI for its planning. 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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 Centres Authority Percy committee had sought a major upgrade of the city’s infrastructure, but what Mumbai got was only the Ghatkopar-Andheri Metro line. “The central government hereby appoints the 27th of April, 2020 as the date of the establishment of the International Financial Services Centres Authority and the head office of that Authority shall be at Gandhinagar, Gujarat,” said a notification issued by the Union finance ministry. All these centres are ‘international’ in the sense that they deal with the flow of finance and financial products/services across borders. On April 27, 2020 The Central government notified that it has established International Financial Services Centres Authority(IFSCA), a unified body to regulate all financial services in International Financial Services Centres(IFSCs) in the country & its headquarters will be at Gandhinagar, Gujarat. The Centre’s gazette notification, dated April 27, said the IFSC Authority would be based at Gandhinagar, in Prime Minister Narendra Modi’s home-state, where the Gujarat International Finance Tec-City (GIFT) is located, instead of Mumbai, which was a claimant for the status. Astana International Financial Centre. The Department of Economic Affairs, Union Ministry of Finance has drafted an International Financial Services Centres Authority Bill in order to set up a separate unified regulatory authority for International Financial Services Centres (IFSCs). DIFC | 98,268 followers on LinkedIn. 15 January 2021. In this regard, International Financial Services Centres Authority (Bullion Exchange) Regulations 2020 were approved by the Authority in its meeting held on October 27, 2020. PM Modi made it clear in his early year of politics he wanted Gandhinagar to get the international financial hub status, it was clear that Mumbai got no chance. — Balasaheb Thorat (@bb_thorat) May 2, 2020. The main function of the authority is to regulate financial products such as contracts of insurance, deposits, securities of the financial institutions that have been approved by regulators. The Centre should re-consider their decision, after all Mumbai is the financial hub of the country.Why @BJP4Maharashtra leadership silent on this issue? AIFC Court. It will be located at the Gujarat International Finance Tech City in Gandhinagar. The Headquarters of the International Financial Services Centre Authority will be located in Gandhinagar in Gujarat. The principal regulators are the HKMA, the Securities and Futures Commission (SFC), the Insurance Authority (IA) and the Mandatory Provident Fund Schemes Authority (MPFA). The body will be headquartered in Gandhinagar in Gujarat, as per the notification. Administrative support for AIFC bodies . The IFSC comes under the portfolio responsibility of the Minister of Finance. This too could not be achieved. AFSA partners with Refinitiv in promoting compliance culture among the AIFC participants. The International Financial Services Centres Authority Bill, 2019 will be introduced in the Lok Sabha after withdrawal from the Rajya Sabha. The International Financial Services Centre(IFSC) is an area of central Dublin and part of the CBDestablished in the 1980s as an urban regeneration area and Special Economic Zone (SEZ)on the derelict state owned former port authority lands of the reclaimedNorth Walland George's Dockareas of the Dublin Docklands. Astana Financial Services Authority. The Citco group of companies (Citco) has opened offices this month in Abu Dhabi Global Market (ADGM), the award-winning international finance … International Financial Services Centre Gets Headquartes In Gandhinagar by Aditi Thakur May 2, 2020 The then Finance Minister Arun Jaitley made it crystal clear the country can have only one IFSC and that will be in GIFT city in 2017 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 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY ACT, 2019 NO. At HW, we believes in delivering Real, Honest and Unbiased news to our viewers and is a platform for all political ideologies and parties to present their opinions and point of view. News. Dubai, UAE, 7th November 2020: Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, announced that Ripple, the enterprise blockchain solution for global payments, has established its regional headquarters in the Centre. Financial centres that cater to customers outside their own jurisdiction are referred to as international (IFCs) or offshore Financial Centers (OFCs). I have never had this kind of experience in the past with financial advisers and this is the kind of service I have been looking for. By 2012 all plans of #IFSC at Gujarat were ready and work had almost started. The regulators include RBI, SEBI, Pension Fund Regulatory and Development Authority, IRDAI. 1 min read . Regulation of Financial Markets: In line with the international trend, Hong Kong’s financial services regulatory system has evolved and developed over the years. The Union Cabinet has approved International Financial Services Centres Authority Bill, 2019 which seeks to establish a unified authority for regulating all financial services in International Financial Services Centres (IFSCs) in India.. International Financial Service Centre (IFSC) An IFSC caters to customers outside the jurisdiction of the domestic economy. Now, let’s discuss some … IFSCA is a unified body to regulate all financial services in International Financial Services Centres (IFSCs) in the country and its headquarters is at Gandhinagar, Gujarat. Updated: 12 Dec 2019, 10:01 PM IST Shreya Nandi. The Central govt's decision to locate the #IFSC to Gujarat is disappointing & is being done to reduce Mumbai's stature. This decision created a political stir in Maharashtra Politics. Investment banker Percy Mistry to recommend the path ahead were never followed central decision unfolded also asked the! 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