International Financial Services Centre
Federal Bank: 1st to list Payment Gateway on New tax platform
Federal Bank, based in Kerala, is the first bank to get listed its Payment Gateway platform on “TIN 2.0 platform” of the Income Tax Department. TIN 2.0 platform was started on July 1, 2022. Highlights of the platform include: On the TIN ..
Month: Current Affairs - August, 2022
Category: Economy & Banking Current Affairs
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 ..
Month: Current Affairs - October, 2020
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 ..
Month: Current Affairs - July, 2020
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 ..
Month: Current Affairs - July, 2020
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 ..
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 ..
Month: Current Affairs - July, 2019
Union Cabinet to set up an unified authority for regulating all financial services in IFSC
The Union Cabinet has recently approved establishment of a unified authority for regulating all financial services in International Financial Services Centres (IFSCs) in India through IFSCs Authority Bill of 2019. The establishment of a unified financial regulator for IFSCs will ..
Government to set-up a Unified Authority for Regulating Entities in IFSC
The Union Cabinet headed by Prime Minister Narendra Modi has approved setting up of a unified authority for regulating all financial services in international financial services centres (IFSCs) in the country. The government has approved a bill to set up a unified regulator. Fact ..