International Financial Services Centre (ifsc)

Sovereign green bonds trading at IFSC to start in 2nd half of FY25: RBI Guv

Reserve Bank Governor Shaktikanta Das on Saturday said trading of sovereign green bonds can commence at the International Financial Services Centre in Gujarat during the second half of the current fiscal. "We are in discussion with the IFSC, it will be operationalised very soon. I think in the second half (of the current financial year), it will be possible," Das said. In April, the Reserve Bank of India (RBI) had announced that it will issue a framework to enable the trading of sovereign green bonds in GIFT City. The government has been raising funds through green bonds since 2022-23 and has raised a total of Rs 36,000 crore in the last two years. So far in the current financial year, the government has raised only Rs 1,697 crore out of the stipulated Rs 12,000 crore scheduled to be raised in the first half ending in September through green bonds as it did not find favourable bids. Asked about the tepid response from investors to such bond issuance, Das said, "as the debt manager

Govt expands scope of financial services that can be taken up at IFSC

The government has expanded the scope of activities that can be undertaken at the International Financial Services Centre (IFSC) by including services such as book keeping, and accounting. As per a gazette notification issued by the Ministry of Finance, various services, including book-keeping, accounting, taxation, and financial crime compliance, have been included as part of financial services. "Provided that the financial services shall be offered by units in an International Financial Service Centre regulated by the International Financial Services Centres Authority (IFSCA) to non-residents whose business is not set up either by splitting up of business already in existence in India; or reconstructing/reorganising of business already in existence in India," it said in a notification on January 18. The notification stipulates that these units should not offer services by way of transferring or receiving existing contracts or work arrangements from their group entities in India.

IFSCA, Climate Policy Initiative sign pact on sustainable finance

Offshore financial transaction regulator IFSCA on Tuesday said it has signed an agreement with think tank Climate Policy Initiative for cooperation to increase mobilisation of global sustainable capital flows into India. Sustainable development is a key priority of G20 working groups. Mobilisation of sustainable finance is critical to achieving transition to green and resilient economies. IFSCA (International Financial Services Centres Authority) has taken significant steps to accelerate global sustainable capital flows by creating a conducive regulatory environment, based on international best practices, focused especially on the needs of India and developing countries, the regulator said in a statement. With deep expertise in finance and policy, Climate Policy Initiative (CPI) is an analysis and advisory organisation that works to improve the most important energy and land use practices around the world, it said. CPI's mission is to help governments, businesses, and financial ...

PM Modi to launch India's first international bullion exchange in Gujarat

Prime Minister Narendra Modi will visit India's first International Financial Services Centre (IFSC) at the Gujarat International Finance Tec-City (GIFT City) near Gandhinagar on Friday

Investing in global stocks through IFSC: Here's what investors should know

A certain number of NSE IFSC depository receipts are required to make up one underlying share

IFSCA invites comments on draft framework on sustainable financial lending

IFSCA has been established as a unified regulator to develop and regulate financial products, financial services and financial institutions in the International Financial Services Centres in India

Fintech hub at GIFT City: IFSCA in talks with overseas regulators

IFSCA in talks with 10 foreign counterparts to help Indian fintech firms expand globally

SGX-NSE may start operations at Gift City by Dec: IFSCA's Injeti Srinivas

In a telephonic interview with Shrimi Choudhary, Injeti Srinivas, chairman of IFSC Authority (IFSCA), discusses the impact of Covid-19 on the operations of Gift City

Indians may soon be able to tap LRS route for MF, AIF play in Gujarat IFSC

A 7-member committee recommended a host of measures for enhancing retail participation in the IFSC

Quit from here, then join, Sebi tells 350 officers seeking IFSCA deputation

Rejects all 350 applications; Newly formed unified authority International Financial Services Centres Authority (IFSCA) regulates govt's pet project GIFT city institutions

Making India a hub of global financial services: So close, yet so far

The dynamic nature of business in IFSCs necessitates a high degree of inter-regulatory coordination, say experts

Investment advisers to have net worth of $1.5 mn for operating in IFSC

An applicant needs to have a net worth of not less than USD 1.5 million (about Rs 10.5 crore)

RBI allows IFSC banking units to open foreign currency current accounts

As per the existing norms, IFSC Banking Units (IBUs) were not allowed to open any current or savings accounts

Govt moves Bill in Lok Sabha to set up unified regulator for IFSCs

As of now, banking, capital markets and insurance sectors in the IFSC are regulated by multiple regulators such as the RBI, Sebi, Irdai

India's competition magnifies as Sri Lanka, China join hands to take on IFC

China is present in a big way in Sri Lanka despite earning criticism for the unviable cost of signature projects

Tax cloud over IFSC units: DDT waiver on what is paid from current income

There is concern that a portion of the dividend to be declared by companies operating out of the International Financial Services Centre (IFSC) could come under the tax net.The central government had announced various tax sops for new businesses engaging in financial services at IFSC, set up at GIFT City in Gujarat. Among these, waiver of dividend distribution tax (DDT) on profits distributed by IFSC companies was considered a major relief, as it would help them to repatriate profits without additional cost to the business.However, the waiver has been provided for dividend distributions made by IFSC companies only from current income. The present company law provisions, which apply to companies set up at the IFSC, permit declaration of dividends out of accumulated profits. Given these, companies could potentially bifurcate the amount of dividends paid out of current income and accumulated profits. To the extent dividends are declared out of the latter, they will have to pay DDT at ...