Q. With reference to the International Financial Services Centre (IFSC), consider the following statements:
1.One of its objectives is to bring financial service experts sitting offshore back to Indian shores.
2.It seeks to attract the financial services transactions that are currently carried on outside to India
3.It is a jurisdiction that provides financial services to non-residents and residents Institutions
Which of the statements given above are correct?
Answer: D
Notes:
An IFSC caters to the customers outside the jurisdiction of domestic economy. Such centres deal with the flow of finance, financial products, and services across the borders. IFSC as envisaged under the Indian context “is a jurisdiction that provides financial services to non-residents and residents (Institutions), in foreign currency other than Indian Rupee (INR)
It aims to bring financial service experts sitting offshore back to Indian shores and transform India as a talent hub.
IFSC is set-up to undertake financial services transactions that are currently carried on outside India by overseas financial institutions and overseas branches/ subsidiaries of Indian financial institutions.
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