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 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. But it was commissioned in Gandhinagar, Gujarat and Gujarat became India’s first International Financial Service Centre (IFSC). 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. 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. Contents: Chakmas and Hajongs; International Financial Services Centre Authority It was promoted by the Government of Gujarat as a Greenfield project. The UPSC EPFO exam is scheduled to take place on May 9, 2021. What are the services an IFSC can provide? Every year approximately one million aspirants compete for less than thousand vacancies. It was first decided to set up in Mumbai on the basis of the reports of the High Powered Expert Committee (HPEC) in 2007. However, the global financial crisis that unfolded in 2008 made countries including India cautious about rapidly opening up their financial sectors. Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. Aatma Nirbhar Bharat 3.0. Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. ; RECENT DEVELOPMENTS Such centres deal with flows of finance, financial products and services across borders. 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. Current Affairs [PDF] - January 1-15, 2021, Current Affairs MCQs PDF - December, 2020, Current Affairs [PDF] - December 16-31, 2020. With this, the government has established a unified authority to regulate all financial services in International Financial Services Centres (IFSCs) in the country. Context. E-Book: 060 - Economic Growth Development, © Copyright 2009-2019 GKToday | All Rights Reserved. The Central Government shall approve only one International Financial Services Centre in a Special Economic Zone. Views: 1128. Q. 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. 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. These centres will provide services related to financial products . 2. It will regulate all such financial services and products which has already been permitted by the Financial Sector Regulators for IFSCs. The International Financial Services Centres Authority Bill, 2019 is likely to be taken up by Parliament for discussion next week. This can be gauged by the fact that result of this exam is around 0.1%. The finance ministry has established the International Financial Services Centres Authority (IFSCA) through a notification on Monday. Gift City: Gujarat International Finance Tec (GIFT) City located on the banks of the Sabarmati River. Shanghai and Dubai. UPSC 2021 Online Coaching Classes | Bilingual GS Foundation Batch. 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. With reference to the “India International Exchange” , consider the following statements : 1. The IFSC centre is India seeks to offer a business environment which will match other leading centres in the world like Singapore and London. 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. But it was commissioned in Gandhinagar, Gujarat and Gujarat became India’s first International Financial … 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. Subsequently, India International Exchange (INX) commenced trading from January 16, 2017. 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. It is India’s first operational smart city and international financial services centre. IFSC Authority approves the International Financial Services Centre Authority (Banking) Regulations, 2020 “It is under active consideration of the Centre and UPSC. International Bullion Exchange Centre and International Financial Services Centre. 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. 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. It was first decided to set up in Mumbai on the basis of the reports of the High Powered Expert Committee (HPEC) in 2007. All these centres are ‘international’ in the sense that they deal with the flow of finance and financial products/services across borders. This is "International Financial Services Centres Authority, Know all about it, Current Affairs 2020 #UPSC" by Study IQ Education on Vimeo, the home for… 2. 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. Finance Minister Nirmala Sitharaman introduced the Bill in Lok Sabha on November 25. 1. 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. NSE’s International Exchange & Clearing Corporation has also commenced operations in June 2017. 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. 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. Only one International Financial Services Centre is approved in a Special Economic Zone. Required fields are marked *. It is located on the banks of the Sabarmati River. Posted on : 05 Feb 2020. 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. Contents: Indian SARS-CoV-2 Genomic Consortia (INSACOG) Meteorological (Met) Centre … Civil Services Exam (CSE) conducted by the Union Public Service Commission (UPSC) is one of the toughest exams in the world. The IFSC Authority, after detailed deliberations, approved the International Financial Services Centres Authority (Banking) Regulations, 2020. 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. 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 notification issued by the GoI brings into effect certain effects of IFSCA Act, 2019. Website Content Managed by Department of Financial Services, MOF, GOI Designed, Developed and Hosted by National Informatics Centre( NIC ) Last Updated: 13 Jan 2021 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. International Financial Services Centre Authority (Global in-house Centre) circulation 2020. The body will be headquartered in Gandhinagar in Gujarat, as per the notification. The Government of India has established International Financial Services Centre Authority. ... Gujarat International Finance Tec (GIFT) City is India's first operational smart city and international financial services centre. 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. 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. This can be gauged … Your email address will not be published. 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. Such centres deal with flows of finance, financial products and services … Highlights The Authority was established through a notification. The International Financial Services Centres Authority (IFSCA) It is a statutory unified regulatory body under the Department of Economic Affairs, Ministry of Finance. Service Tax are Levied by the Centre but Collected and Appropriated by the Centre and the States. 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. Photo about International Financial Services Centre at night time, IFSC, Dublin, Ireland. ... (PSUs). 4. ... 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