What is International Financial Services Centres (IFSC)?

  • An IFSC caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. London, New York and Singapore can be counted as global financial centres. Many emerging IFSCs around the world, such as Shanghai and Dubai, are aspiring to play a global role in the years to come.

  • An expert panel headed by former World Bank economist Percy Mistry submitted a report on making Mumbai an international financial centre in 2007. However, the global financial crisis that unfolded in 2008 made countries including India cautious about rapidly opening up their financial sectors.

  • Finance Minister Arun Jaitley, had announced in the Union Budget 2015 that India’s first IFSC’s would be set up in GIFT City in Gujarat.

  • Gujarat International Finance Tec-City (GIFT City) would be the country’s first IFSC, with which top bourses BSE and NSE have already signed MOUs for setting up International exchanges there.
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Overview of IFSC

An IFSC caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. London, New York and Singapore can be counted

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Activities Permitted

  • Fund-raising services for individuals, corporations and governments
  • Asset management and global portfolio diversification undertaken by pension funds, insurance companies
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    IFSC In SEZ

    Definition of IFSC as per SEZ Act: As per Section 2 (q) of SEZ Act, 2005, “International Financial Services Centres” means an International Financial Services Centre which has been approved by the Central Government

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    Fiscal Incentive

    Since India has many restrictions on the financial sector, such as partial capital account convertibility, high SLR (statutory liquidity ratio) requirements and foreign investment restrictions

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