Economics
- Prelims – Economy
Context: Recently the International Financial Services Centres Authority (IFSCA) and the Council on Energy, Environment and Water (CEEW) have signed a Memorandum of Understanding (MoU) for mutual assistance and cooperation in the area of sustainable finance.
About IFSCA:
- The IFSCA is a statutory authority established under the International Financial Services Centres Authority Act, 2019 (“IFSCA Act”) with a mandate to develop and regulate the financial products, financial services, and financial institutions in the International Financial Services Centres (‘IFSC’).
- It headquarters is at Gujarat International Finance Tech (GIFT) City, Gandhinagar in Gujarat.
- It is India’s maiden international financial services centre.
Composition of the Authority (9 members):
- Chairperson
- One Member each to be nominated by:
- Reserve Bank of India (RBI),
- Securities Exchange Board of India (SEBI),
- Insurance Regulatory and Development Authority of India (IRDAI) and
- Pension Fund Regulatory and Development Authority (PFRDA)
- Two members to be dominated by the Central Government.
- Two other whole-time or full-time or part-time members
Services an IFSC can provide:
- Fund-raising for individuals, corporations and governments.
- Asset management and Global Treasury management
- Global tax management and cross-border tax liability optimization
- Risk management operations such as insurance and reinsurance.
- Merger and acquisition activities among Trans-national corporation
About CEEW:
- The Council on Energy, Environment and Water (CEEW) is one of Asia’s leading not-for-profit policy research institutions.
- The Council uses data, integrated analysis, and strategic outreach to explain – and change – the use, reuse, and misuse of resources.
- It prides itself on the independence of its high-quality research, develops partnerships with public and private institutions, and engages with the wider public.
- In 2021, CEEW once again featured extensively across ten categories in the 2020 Global Go To Think Tank Index Report.
- The Council has also been consistently ranked among the world’s top climate change think tanks.
Source: PIB
Previous Year Question
Q.1) “Rapid Financing Instrument” and “Rapid Credit Facility” are related to the provisions of lending by which of the following: (2022)
- Asian Development Bank
- International Monetary Fund
- United Nations Environment Programme Finance Initiative
- World Bank
