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International Bullion Exchange Centre and International Financial Services Centre

Posted on : 05 Feb 2020

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  • An IFSC caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. London, New York and Singapore can be counted as global financial centres. Many emerging IFSCs around the world, such as Shanghai and Dubai, are aspiring to play a global role in the years to come.
  • The government proposed to set up an international bullion exchange at IFSC in GIFT City.
  • It will lead to better price discovery of gold, create more jobs and enhance India’s position in such market.
  • The country’s only International Financial Services Centre (IFSC) is in GIFT City near Ahmedabad in Gujarat.
  • IFSC has the potential to become a centre of international finance and high-end data processing. IFSC has 19 insurance entities and 40 banking entities.

Article Related Questions

  1. Consider the following statements regarding International Financial Services Centre
    1.An IFSC caters to customers outside the jurisdiction of the domestic economy.
    2.India's first IFSC's is GIFT City in Gujarat.
    Which of the following statement is/are correct?

  2. 1.1 only

    2.2 only

    3.Both 1 and 2

    4.Neither 1 nor 2

    Right Ans : Both 1 and 2

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