- An expert committee set up by the International Financial Services Authority (IFSCA) to suggest ways
- for the development of international retail business in International Financial Services Centres (IFSC)
- Has submitted its interim report to the Chairperson of the Authority.
- This report — which focuses mainly on the banking vertical — suggests that
- the Gujarat International Finance Tec, GIFT IFSC can aim at becoming a gateway to India growth story for international investors and business;
- serving domestic residents availing liberalised remittance scheme and
- Providing Indian diaspora and individuals from Asia and Africa with a comprehensive range of financial services from the IFSC.
- There is an immense immediate potential to promote international retail business in IFSC, and if done efficiently, it will meet three key objectives –
- Boost job creation, generate additional revenue for India, and attract funds (especially from the Indian diaspora) for building India’s infrastructure.
- This expert committee would cover other key business verticals —
- Insurance, asset management and capital markets in subsequent reports.
- Government had constituted the IFSCA with Injeti Srinivas, a retired IAS officer and former MCA Secretary, to develop and regulate the financial services market in the IFSC in India.
- Apart from channelising India’s offshore business to the IFSC located at GIFT City and making it the gateway for India-centric international financial services,
- The objective is to make it a global hub for international financial services on the lines of London, Hong Kong, Singapore and Dubai.
September 21, 2020
Daily Current Affairs
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