BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

GIFT city and Deloitte Touche Tohmatsu India LLP (DTTILLP) has Signed an MoU To Promote IFSC Operations recently. What is the meaning of “F” in IFSC?

A	First
B	Funding
C	Following
D	Financial

Explanation:

Detailed explanation-1: -Gujarat International Finance Tech-City (GIFT City) is a business district currently being constructed in the state of Gujarat.

Detailed explanation-2: -Tax incentives in GIFT-IFSC Tax holiday for capital gains for aircraft leasing companies, tax exemption for aircraft lease rentals. No GST on services received by these companies, provided to IFSC SEZ units or offshore clients.

Detailed explanation-3: -Gujarat International Finance Tech-city (GIFT) SEZ is India’s first International Financial Services Centre (IFSC) under Special Economic Zone Act, 2005 (“SEZ Act 2005”).

Detailed explanation-4: -Institutions such as Standard Chartered Bank, Hongkong & Shanghai Bank Corporation Ltd, Citibank NA, Barclays Bank, Deutsche Bank, and JPMorgan Chase Bank National Association have set up IFSC Banking Units (IBUs) at GIFT City.

There is 1 question to complete.