The International Financial Services Centres Authority (IFSCA) Expert Committee on international retail business development in the IFSC has submitted its interim report to the Chairperson of the IFSCA.
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Key-Points
The interim report covers a number of suggestions aimed at swift and efficient development of international retail businesses in the IFSC, and focuses mainly on the banking vertical.
The Expert Committee has been constituted by the IFSCA with an aim to suggest how to develop international retail business in International Financial Services Centre (IFSC).
The committee suggests that the IFSC can aim at:
- Becoming a gateway to India growth story for international investors and business
- Providing Indian diaspora and individuals from Asia and Africa with a comprehensive range of financial services from the IFSC.
- Serving domestic residents availing liberalized remittance scheme.
The Government of India had constituted the IFSCA with Shri I Srinivas as its Chairperson earlier this year to develop and regulate the financial services market in the IFSC in India.
Apart from channelizing India’s offshore business to the IFSC located at GIFT City and making it the gateway for India centric international financial services, the objective is to make it a global hub for international financial services on the lines of London, Hong Kong, Singapore, and Dubai.
