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Apr 08, 2016

MAHARASHTRA CM FADNAVIS SEES CO-EXISTENCE OF MUMBAI AND GIFT IFSC

 

Maharashtra CM Devendra Fadnavis asserted that the planned IFSC at BKC can partner with GIFT City IFSC and both can co-exist in India and will complement each other. Fadnavis believes that the BKC IFSC is feasible and in on track.

Fadnavis was speaking after the IFSC task force had held its 2nd meeting on April 7, 2016. Fadnavis said that it has been decided by the task force to partner with GIFT IFSC since BKC has its own limitations. The BKC IFSC will work in a "hub and spoke" model.

Fadnavis stated that GIFT City IFSC and Mumbai IFSC can co-exist in the current scenario and both can grow mutually by complimenting each other. Since Mumbai has scarcity of area, an IFSC can be developed in a small area of even 50 acres. An IFSC in a bigger area cannot be opened in Mumbai and needs to be located at a different place. Due to this constraint, the hub and spoke model can be developed in Mumbai considering that Mumbai has its own inherent strength being country’s financial capital.

 

Fadnavis noted that though Mumbai is not a notified IFSC still it is recognised by the global rating agencies as the country's top financial services centre by global rating agencies.

Recently, ICICI Bank's MD Chanda Kochhar had made a presentation in a meeting which was chaired by Jayant Sinha, Union MoS, Finance. The presentation emphasized Mumbai’s strengths as a financial services arena as recognised by rating agencies.

After the new government led by PM Narendra Modi had taken charge, the IFSC at GIFT City had received a major boost and the regulators had notified the applicable laws for IFSC.

An IFSC is located within the country but it operates as if it is located in an international area and is having its own separate set of laws. The financial activities in the IFSC are undertaken in international currencies only and the units in IFSC are required to maintain separate books for the unit.

 

 

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