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International Financial Services Centre (IFSC)
Reserve Bank Governor Shaktikanta Das on Saturday said trading of sovereign green bonds can commence at the International Financial Services Centre in Gujarat during the second half of the current fiscal. "We are in discussion with the IFSC, it will be operationalised very soon. I think in the second half (of the current financial year), it will be possible," Das said. In April, the Reserve Bank of India (RBI) had announced that it will issue a framework to enable the trading of sovereign green bonds in GIFT City. The government has been raising funds through green bonds since 2022-23 and has raised a total of Rs 36,000 crore in the last two years. So far in the current financial year, the government has raised only Rs 1,697 crore out of the stipulated Rs 12,000 crore scheduled to be raised in the first half ending in September through green bonds as it did not find favourable bids. Asked about the tepid response from investors to such bond issuance, Das said, "as the debt manager
The government has expanded the scope of activities that can be undertaken at the International Financial Services Centre (IFSC) by including services such as book keeping, and accounting. As per a gazette notification issued by the Ministry of Finance, various services, including book-keeping, accounting, taxation, and financial crime compliance, have been included as part of financial services. "Provided that the financial services shall be offered by units in an International Financial Service Centre regulated by the International Financial Services Centres Authority (IFSCA) to non-residents whose business is not set up either by splitting up of business already in existence in India; or reconstructing/reorganising of business already in existence in India," it said in a notification on January 18. The notification stipulates that these units should not offer services by way of transferring or receiving existing contracts or work arrangements from their group entities in India.
Offshore financial transaction regulator IFSCA on Tuesday said it has signed an agreement with think tank Climate Policy Initiative for cooperation to increase mobilisation of global sustainable capital flows into India. Sustainable development is a key priority of G20 working groups. Mobilisation of sustainable finance is critical to achieving transition to green and resilient economies. IFSCA (International Financial Services Centres Authority) has taken significant steps to accelerate global sustainable capital flows by creating a conducive regulatory environment, based on international best practices, focused especially on the needs of India and developing countries, the regulator said in a statement. With deep expertise in finance and policy, Climate Policy Initiative (CPI) is an analysis and advisory organisation that works to improve the most important energy and land use practices around the world, it said. CPI's mission is to help governments, businesses, and financial ...