Question: In which of the following year IFSCA was established?
a) April 2020
b) February 2019
c) March 2021
d) None of these
Answer: (a)
Related Facts:-
- On 12 July 2021; the International Financial Services Centres Authority (IFSCA) released a framework.
- The framework is for setting up and operating an international trade finance services platform (ITFS).
- It will provide trade finance services at international financial services centres (IFSCs).
- It will also enable exporters and importers to avail various types of trade finance facilities at competitive terms, for their international trade transactions.
- According to an official statement the framework will function through a dedicated electronic platform ITFS.
- This will help in their ability to convert their trade receivables into liquid funds and to obtain short-term funding, IFSCA said.
- This framework will provide an opportunity to the participants to avail trade finance facilities for trade transactions such as-
- Export invoice trade financing
- Reverse trade financing,
- Bill discounting under letter of credit,
- Supply chain finance for exporters,
- Export credit (packing credit), insurance/ credit guarantee,
- Factoring and any other eligible product, on the ITFS platform
- IFSCA was established in April 2020 under the International Financial Services Centres Authority Act, 2019.
- It is headquartered at GIFT City, Gandhinagar, Gujarat.
- IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions at the International Financial Services Centre (IFSC) in India.
- Currently, GIFT IFSC is the maiden international financial services centre in India.
By – Rajesh Tripathi