International Financial Services Centres Authority Bill 2019 introduces Unified Regulatory Authority

What is the International Financial Service Centre?

The International Financial Services Centre is the institution that is involved in dealing with the flows of finance, financial products, and financial services across borders. This institution serves the customers outside the jurisdiction of the domestic economy. In India, the first International Financial Services Centre came into existence at GIFT City in Gandhinagar, Gujarat on 11th April 2015.

Purpose of setting up International Financial Services Centres (IFSCs)

The primary purpose of setting up International Financial Services Centres is to promote the ease of doing business by bringing back the financial transactions carried out by the Indian business entities like overseas branches or subsidiaries of Indian financial institutions in offshore financial centers.