PM to lay foundation of India's maiden International Financial Services Centre

Tags: Economy/Finance State News

Prime Minister Narendra Modi will lay the foundation stone of the International Financial Services Centre Authority (IFACA) headquarters building in Gujarat on July 29, 2022.

Important facts

  • This authority is the unified regulator for the development and regulation of financial products, financial services and financial institutions in International Financial Services Centres in India.

  • The Headquarters building of this Authority is envisaged as an iconic structure, reflecting the growing reputation and structure of Gujarat International Finance Tech as a premier international financial hub.

  • The Prime Minister will also launch India's first International Bullion Exchange i.e. Bharat International Bullion at Gujarat International Finance Tech- International Financial Services Centre.

About International Financial Services Centres Authority (IFSCA) 

  • IFSCA was established in April 2020 under the International Financial Services Centre Authority Bill, 2019.

  • An IFSC provides essential services to customers outside the jurisdiction of the domestic economy.

  • Its headquarter is located in GIFT City of Gandhinagar (Gujarat).

  • It has been established to promote 'Ease of Doing Business' in IFSC and to provide a world class regulatory environment.

  • Recently the International Financial Services Centre Authority has become an associate member of the International Organisation of Securities Commissions (IOSCO).

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