IFSC Controversy Maharashtra And Gujarat

Table of Contents

WHAT IS INTERNATIONAL FINANCIAL SERVICES CENTRE?

Financial centres that cater to customers outside their own jurisdiction are referred to as IFCs.
It thus provides, 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.
Global Financial Centers (GFCs ): These are centres that genuinely serve clients from all over the world in the provision of the widest possible array of international financial services (IFS); eg. London, New York, SingaporAe.
Regional Financial Centers (RFCs): They serve their regional economies rather than their national economies; examples of such RFCs would be Dubai or Hong Kong

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.
The Bill will apply to all
International Financial Services Centres (IFSCs) set up under the Special Economic Zones Act, 2005.

The Authority will regulate financial products (such as securities, deposits or contracts of insurance),
financial services, and financial institutions which have been previously approved by any appropriate regulator (such as RBI, SEBI, IRDAI or PFRDA).
It will follow all processes which are applicable to such financial products, financial services, and financial institutions under their respective laws.

(i) The Chairperson
(ii) One member each to be nominated from RBI, SEBI, IRDAI, PFRDA
(iii) Two members from among officials of the Ministry of Finance
(iv) Two members to be appointed on the recommendation of a Search Committee.

Fadnavis denied that allotting a plot meant for the IFSC Authority at BKC to bullet train terminus had killed the project.
He said, “The bullet train terminus was to be built underground and the IFSC Authority headquarters above ground.”
However, Fadnavis claimed, the project was put on the backburner because the new state government “did not pursue the project as vigorously as it should have”.