
	Home About Services Start My Business Business & Tax Registration Intellectual Property Rights Tax Return Filing Transfer Pricing Taxation of Expatriates Outsourcing Services Mergers & Acquisitions Compliance Services Fund Raising Auditing Accounting & Book-Keeping GST Registration GST Return Filing E-Way Bill Miscellaneous Services Startups SEZ - IFSC IFSC Act SEZ Act SEZ Services IFSC Services Knowledge Bank Calculators GST Calculator Tax Calculator TDS Calculator Calculate Net Profit Calculate Net Worth Effective Capital HRA NSC EMI Auto Loan Calculator Home Loan Calculator Get No. Of Installment RERA Calculator Developers Calculator Home Buyer Delay Interest Home Buyer Refund Bulletins RBI SEBI Notification Circular Income Tax Service Tax Central Sales Tax Excise Matters Customs Company Law Labour Laws FEMA The LLP Act 2008 Accounting Standard (INDAS) Others GST VAT Delhi VAT Maharastra VAT Gujarat VAT Telangana VAT Tamil Nadu VAT IGST UTGST Compensation Cess IBC Regulation Utilities Rates of TDS TDS Rates for N.R.I us 195 Rates of Income Tax Depreciation Rates Companies Act Depreciation Rates Income Tax Act ROC Filing Fees (Cos Act, 2013) ROC Fee Structure (Cos Act, 2013) Cost Inflation Index IFSC Codes MICR Codes Rates of NSC Interest Gold and Silver Rates Rates of Stamp Duty LLP Fees National Industries Classification HSN Rate List Deduction u/s 80TTA Vs 80TTB Links Quick Links Important Links GST/VAT Links Ease Of Doing Business Acts Direct Tax Income Tax Act Wealth Tax Act Income Declaration Scheme 2016 Indirect Tax Service Tax(Finance Act, 1994) Central Sales Tax Act, 1956 The Central Excise Act, 1944 Customs Act, 1962 Entry Tax Act Corporate Laws Companies Act, 2013 Companies Act, 1956 LLP ACT SEBI Act, 1992 Company Secretaries Act, 1980 VAT Laws Delhi Value Added Tax Act, 2004 MVAT Act, 2002 West Bengal VAT Act, 2003 Tamilnadu VAT ACT, 2006 Karnataka Value Added Tax Act, 2003 Gujarat Value Added Tax Act, 2003 UP VAT Act, 2008 Rajasthan Value Added Tax Act, 2003 Punjab Value Added Tax Act Haryana Value Added Tax Act Telangana VAT Act 2005 Andhra Pradesh VAT Act, 2005 Bihar Value Added Tax Act, 2005 Other Statutes ESI Act, 1948 PF Act, 1952 Profession Tax Act The Indian Partnership Act, 1932 Societies Registration Act, 1860 Competition Act, 2002 Reserve Bank of India Act, 1934 MRTP Act, 1969 Equalisation Levy Act, 2016 Right To Information Act, 2005 FEMA, 1999 Maharashtra RERA RERA, 2016 Insolvency & Bankruptcy Code, 2016 Benami Property Act 1988 GST Laws IGST Act , 2017 CGST Tax Act, 2017 UTGST Act, 2017 GST (Compensation to States) Act Rules Direct Tax Rules Income Tax Rules Wealth Tax Rules 1957 Income Declaration Scheme Rules 2016 Indirect Tax Rules GST Valuation Rules , 2016 Service Tax Rules CST (Delhi) Rules, 2005 CST (Maharashtra) Rules Customs Valuation Rules Cenvat Credit Rules, 2017 Entry Tax Rules Corporate Laws Rules Companies Rules, 2014 LLP Rules, 2009 LLP Winding up Rules, 2012 Cos Unpaid Dividend Rules, 1978 VAT Laws Rules Delhi VAT Rules, 2005 Maharashtra VAT Rules, 2005 West Bengal VAT Rules, 2005 Tamilnadu VAT Rules, 2007 Karnataka VAT Rules, 2005 Gujarat VAT Rules, 2006 Uttar Pradesh VAT Rules, 2008 Rajasthan VAT Rules, 2006 Punjab VAT Rules Haryana VAT Rules, 2003 Telangana VAT Rules 2005 Andhra Pradesh VAT Rules, 2005 Bihar Value Added Tax Rules, 2005 Other Statutes Profession Tax Rules NBFC Deposits Directions, 1998 NBFC & Misc NBC (Advt) Rules, 1977 NBFC Auditor Report Directions, 2008 Delhi Labour Welfare Fund Rules, 1997 Cost records and audit Rules, 2014 Baggage Rules, 2016 Equalisation Levy Rules, 2016 NCLT And NCLAT Rules Insolvency & Bankruptcy Rules Benami Property Rules, 2016 GST Rules CGST Rules, 2017 IGST Rules 2017 Forms Income Tax Forms ROC Forms (Cos Act, 2013) ROC Forms (Cos Act, 1956) Income Declaration Forms Wealth Tax Forms Service Tax Forms Companies Unpaid Dividend Forms NBFCs Forms LLP Winding up FEMA Forms LLP Forms CGST Forms GST Forms Accounts and Records Advance Ruling Appeals and Revision Assessment and Audit Composition Demands and Recovery Input Tax Credit Inspection, Search and Seizure Offences and Penalties Payment of Tax Refund Registration Returns Transitional Provisions Value of Supply Careers Admin Login Email Login Time Sheet Contact Us

IFSC

What is International Financial Services Centres (IFSC)?

An IFSC caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. London, New York and Singapore can be counted as global financial centres. Many emerging IFSCs around the world, such as Shanghai and Dubai, are aspiring to play a global role in the years to come.
An expert panel headed by former World Bank economist Percy Mistry submitted a report on making Mumbai an international financial centre in 2007. However, the global financial crisis that unfolded in 2008 made countries including India cautious about rapidly opening up their financial sectors
Finance Minister Arun Jaitley, had announced in the Union Budget 2015 that Indiaâ€™s first IFSCâ€™s would be set up in GIFT City in Gujarat.
Gujarat International Finance Tec-City (GIFT City) would be the countryâ€™s first IFSC, with which top bourses BSE and NSE have already signed MOUs for setting up International exchanges there.

Overview of IFSC

An IFSC caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. London, New York and Singapore can be counted as global financial centres. Many emerging IFSCs around the world, such as Shanghai and Dubai, are aspiring to play a global role in the years to come.
An expert panel headed by former World Bank economist Percy Mistry submitted a report on making Mumbai an international financial centre in 2007. However, the global financial crisis that unfolded in 2008 made countries including India cautious about rapidly opening up their financial sectors.
Finance Minister Arun Jaitley, had announced in the Union Budget 2015 that Indiaâ€™s first IFSCâ€™s would be set up in GIFT City in Gujarat.
Gujarat International Finance Tec-City (GIFT City) would be the countryâ€™s first IFSC, with which top bourses BSE and NSE have already signed MOUs for setting up International exchanges there.

Major Services IFSC can provide

Fund-raising services for individuals, corporations and governments
Asset management and global portfolio diversification undertaken by pension funds, insurance companies and mutual funds.
Wealth management.
Global tax management and cross-border tax liability optimization, which provides a business opportunity for financial intermediaries, accountants and law firms.
Global and regional corporate treasury management operations that involve fund-raising, liquidity investment and management and asset-liability matching
Risk management operations such as insurance and reinsurance.
Merger and acquisition activities among trans-national corporations

IFSC in SEZ

Defination of IFSC as per SEZ Act: As per Section 2 (q) of SEZ Act, 2005, â€œInternational Financial Services Centresâ€ means an International Financial Services Centre which has been approved by the Central Government under sub-section (1) of Section 18 of SEZ Act, 2005.
As per Sub section (1) of Section 18 of SEZ Act, 2005, The Central Government may approve the setting up of an International Financial Service Centre in a Special Economic Zone and may prescribe the requirements for setting up and operation of such centre. Provided that the Central Government shall approve only one International Financial Services Centre in a Special Economic Zone.
As per Sub section (2) of Section 18 of SEZ Act, 2005, The Central Government may, subject to such guidelines as may be framed by the Reserve Bank, the Securities and Exchange Board of India, the Insurance Regulatory and Development Authority and such other concerned authorities, as it deems fit, prescribe the requirements for setting up and the terms and conditions of the operation of Units in an International Financial Services Centre. Accordingly Stock Exchange board of India has recently issued guidelines dated 27.03.2015 named as SEBI (International Financial Services Centres) Guidelines, 2015
SEBI (International Financial Service Centres) Guidelines, 2015 has been issued to facilitate and regulate financial services relating to securities market in an International Financial Services Centre set up under section 18 (1) of SEZ Act, 2005
Such guidelines will facilitate setting up and operations of units in countryâ€™s first IFSC at GIFT City, Gujarat.
SEBI (International Financial Service Centres) Guidelines, 2015 shall come into force w.e.f April 01, 2015
Replace as: RBI would permit the setting up of IFSC Banking units (IBUs) in International Financial Services Centres (IFSC) by banks in accordance with RBI regulations relating to Financial Institutions issued vide notification no. FEMA.339/2015 - RB dated March 02,2015.
IRDA of India would allow Life and Non-life Insurance services, health Insurance services and reinsurance services to set up a branch in IFSC.
Such guidlines would be referred to as Insurance Regulatory and Development Authority of India (International Financial Services Centre) Guidelines, 2015.
Insurance Regulatory and Development Authority of India (International Financial Services Centre) Guidelines, 2015 shall come into force w.e.f. April 06,2015.

Fiscal Incentives available under SEZ Act 2005 for IFSC units

Since India has many restrictions on the financial sector, such as partial capital account convertibility, high SLR (statutory liquidity ratio) requirements and foreign investment restrictions, an SEZ can serve as a testing ground for financial sector reforms before they are rolled out in the entire nation.
Exemption as per SEZ Act, 2005: Apart from SEZ related incentives as per the SEZ Act, 2005 there is an exemption from the securities transaction tax leviable under section 98 of the Finance (No. 2) Act, 2004 in case the taxable securities transactions are entered into by a non-resident through the International Financial Services Centre;

Service offerings for IFSC

IFSC Consultant (A business unit of Rrbp Corpserve LLP) is capable of providing following broad category of services to entities desirous of setting up operations in IFSC:
High level assessment of various Regulatory Authority guidelines w.r.t IFSC in specific context of clientâ€™s business parameters.
Advising on matters relating to advantages and disadvantages of IFSC w.r.t individual business requirement of client in line with IFSC guidelines from regulators and SEZ Act 2005
End to end solutions for obtaining approval from Regulatory authority w.r.t setting up operations in IFSC
Services for obtaining secondary approval from the office of Development commissioner for setting up SEZ unit for providing financial services as a part of IFSC based on Regulatory authority approval
Ongoing assistance for ensuring statutory compliances, filings, periodic reporting to various authorities
Record management
End to end solutions to ensure comprehensive IFSC transitions (Mainly for entities already having presence in India)
Indirect tax advisory services w.r.t fiscal incentives available in IFSC

122646 Times Visited