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International Financial Services Centres Authority (IFSCA) and the Council on Energy, Environment and Water (CEEW)

  • IASbaba
  • December 29, 2022
  • 0
Economics
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  • 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)

  1. Asian Development Bank
  2. International Monetary Fund
  3. United Nations Environment Programme Finance Initiative
  4. World Bank

 

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