CURRENT AFFAIRS

Detailed explanation-1: -Can an IFSC be set up in a special economic zone (SEZ)? The SEZ Act 2005 allows setting up an IFSC in an SEZ or as an SEZ after approval from the central government. IFSCs in India: The first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar.

Detailed explanation-2: -PM Modi to visit India’s first International Financial Services Centre in Gujarat. New Delhi [India], July 27 (ANI): Prime Minister Narendra Modi will visit India’s maiden International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City) on Friday.

Detailed explanation-3: -Gujarat International Finance Tec-City (GIFT City) is central business district under-construction in Gandhinagar and Ahmedabad in Gandhinagar district in Gujarat, India.

Detailed explanation-4: -Finance Minister Arun Jaitley, had announced in the Union Budget 2015 that India’s first IFSC’s would be set up in GIFT City in Gujarat. Gujarat International Finance Tec-City (GIFT City) would be the country’s first IFSC, with which top bourses BSE and NSE signed MOUs for setting up International exchanges there.

Detailed explanation-5: -The International Financial Services Centres Authority (IFSCA) has been established on April 27, 2020 under the International Financial Services Centres Authority Act, 2019. It is headquartered at GIFT City, Gandhinagar in Gujarat.