- 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.
- 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):
- 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
- 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.
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