International Financial Services Centre (IFSC)

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

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

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

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

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

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

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

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

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

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

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

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

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 ...