An expert committee of the International Financial Services Centres Authority (IFSCA) has suggested making GIFT city a gateway to India's growth story for international investors and businesses.
In an interim report submitted to IFSCA chairperson Injeti Srinivas, the committee said IFSC should aim at providing Indian diaspora and individuals from Asia and Africa with a comprehensive range of financial services.
It also said the IFSC should serve domestic residents availing liberalized remittance scheme.
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The expert committee was set up on international retail business development in the IFSC.
The interim report covers a number of suggestions aimed at swift and efficient development of international retail businesses at the IFSC, and focuses mainly on the banking vertical. Other key business verticals -- insurance, asset management, and capital markets-- will be covered in reports that the committee plans to release subsequently.
Speaking of the vision for GIFT IFSC, Srinivas said, “Our focus is to provide a best in class jurisdiction with progressive and light touch regulation to create an attractive location for international financial services. Our vision is to establish GIFT IFSC as a Dominant Gateway for global financial flows into and out of India, and simultaneously emerge as a major global financial hub.”
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