International Financial Services Centre Current Affairs, GK & News

IFSCA approves two new regulations

On October 27, 2020, International Financial Services Centre Authorities approved to new regulations during the board meeting held. Highlights During the meeting the following new regulations were approved International Financial Services Centre authorities Bullion exchange regulations, 2020 International financial services Centre authorities Global inhouse centres regulation, 2020 International Financial Services Centres Authorities (Bullion Exchange) regulations, ..

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Five Point Agenda for GIFT City to make it Credible Jurisdiction

According to the Department of Economic Affairs, Ministry of Finance, the government is working on a five-point reform proposal in which it is being seen that IFSC in Gujarat does not turn out to become a tax haven in the world. The main areas of focus for reforms are: Feasibility of launching more products at ..

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Injeti Srinivas appointed First Chairman of International Financial Services Centre Authority

On July 6, 2020, the retired 1983 batch IAS officer from Odisha Cadre, Injeti Srinivas was appointed as the first chairman of the International Financial Service Centre Authority. Highlights The retired diplomat has been appointed as the chairman for a period of three years. He retired from service as Secretary to Ministry of Corporate Affairs. ..

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Usha Thorat heads RBI task force on Offshore Rupee Markets

The RBI task force on Offshore Rupee Markets (ORM), headed by Usha Thorat, has suggested liberal currency market for offshore users. The panel recommended that onshore market hours may be suitably extended to match the flexibility provided by the offshore markets (or NDF markets). This is aimed at incentivizing non-residents to hedge in the onshore ..

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Key Highlights of Union Budget 2019-20 (Part 2)

TAXES Direct Taxes Performance: India’s Ease of Doing Business (EDB) ranking under ‘Paying Taxes’ category jumped from 172 in 2017 to 121 in 2019. In past 5 years, Direct tax revenue increased by over 78% to Rs. 11.37 lakh crore Tax Slabs: For companies with annual turnover of up to Rs.400 crore, Tax rate reduced ..

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