Speaking at the Business Standard BFSI Insight Summit on Friday, representatives from the GIFT City ecosystem shared their experiences, while highlighting opportunities and challenges in operating from India's "offshore" financial hub, which is aiming to redirect flows from traditional centres like Dubai, Singapore, and London.
Dipesh Shah, executive director, International Financial Services Centres Authority (IFSCA), said the number of registered firms has increased from 129 to over 725 after the government established the IFSCA, the unified regulator for GIFT City. It is tasked with registering and regulating entities such as banks, exchanges, asset managers, insurance companies, and ship leasing companies.
"The concept of IFSC is very good. However, the challenge is you are creating an offshore centre within onshore India. As we know, India is not full capital account converting, which means that you are now converting a full capital account zone within India, which is outside the foreign exchange laws of India," said Dipesh.
Denne historien er fra November 09, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra November 09, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Reciprocal tariffs' may complicate US duty rate structure
The immediate reaction to the Trump-Modi meet in Washington is one of relief that any proposals for imposition of India-specific tariffs by the United States are on hold for the moment.
Deposit insurance offers silver lining
Customers pin hopes on 5 lakh insurance payout as RBI freezes withdrawals
TAKEOVER TANGLE
The eventful battle for Religare tests Sebi's Takeover Code
Punjabi speakers lead Indian asylum claims at US border
Study attributes the surge in Indian asylum seekers in the US to better opportunities overseas, pointing out that stricter policies may strain ties between two countries. ARCHIS MOHAN analyses
Foreign firms' tax burden hits record low in India
Corporation tax cuts, GST reforms, compliance measures behind decline in tax outgo
Women, welfare, rural schemes: Budget sets tone for Bengal polls
While Mamata Banerjee's party has started laying the groundwork to secure a fourth consecutive term in 2026, the BJP hopes to ride on its recent electoral successes. ISHITA AYAN DUTT writes
Dubious history of the presidential pardon
When it comes to pardons, presidents are kings,\" the legal journalist Jeffrey Toobin writes in his new book, The Pardon: The Politics of Presidential Mercy.
GenAI to Become Immersive Across Our Businesses
US investment bank Goldman Sachs was an early mover in India's technology ecosystem, setting up an office in Bengaluru in 2004 for IT and back-office support. In two decades, its operations have grown to cover a wide range of banking functions. GUNJAN SAMTANI, co-chairman of Goldman Sachs, India, and country head of Goldman Sachs Services India, spoke with Avik Das in Bengaluru about Indian engineers and Generative AI (GenAI) in banking. Edited excerpts:
One small step for AI, one giant leap likely for India's footwear market
Reebok co-founder in talks with factories in India to manufacture curated footwear
AI Triggering Shift in HR Depts of Firms
Artificial Intelligence (AI), while reshaping workplaces and redefining efficiency, is also changing the organisations' human resources departments. From recruitment to lead generation and real-time performance audits, companies are fast-tracking AI adoption to streamline core human resource functions.
