Question
Which of the following Statements is/are True?
I- Gujarat International Financial Tec (GIFT) City is Asia’s only IFSC. II- Establishing an IFSC provides a platform for international financial services to operate from and to specialize in exports of high value-added International Financial Services. III- IFSCs are established under the SEZ Act.Solution
An IFSC looks for to bring those types of financial services and transactions that are currently carried on outside India by overseas financial institutions and overseas branches/ subsidiaries of Indian financial institutions in India. With an IFSC in India, India now competes against global financial hubs like Dubai and Singapore to attract foreign investors who are willing to trade in foreign currencies. Many emerging IFSCs around the world are aspiring to play a global role e.g., Shanghai and Dubai.
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