• MLAs Nathabhai Patel, Jashubhai Patel, Punabhai Gamit, Virji Thumar tested Covid-19 positive ahead of Gujarat Assembly Monsoon session. They will not be able to attend the session.
  • Election Commission sends complaint against alleged false affidavits filed by Dhanera MLA Nathabhai Hegolabhai Patel to Central Board of Direct Taxes (CBDT) for probe in response to check alleged discrepancies in his election affidavit
  • Gujarat completes 129.27 per cent rain of normal average monsoon season
  • Inspector Pritesh J Patel's body hit by a bullet from his service revolver found from his car in Sachivalay campus in capital Gandhinagar in suspected case of suicide this morning. Inspector PJ Patel had not returned home last night. He was on duty of Sachivalay complex
  • 20 bills to be moved in Gujarat Assembly Monsoon session starting from September 21. Discussion on coronavirus pandemic situation in the state on the first day's second session for 2.5 hours
  • Unjha APMC Vice Chairman Shivam Rawal dies of Coronavirus infection He was admitted to Ahmedabad based private run Sterling hospital for last over one and half month
  • 1432 new cases of Covid-19 detected in 24 hours ending at 5 pm today in Gujarat as per the latest daily bulletin by the State health department
  • Jamnagar district SP Shweta Shrimali transferred to SRP Group 17 as Commandant; Deepan Bhadran, DCP of Ahmedabad Crime Branch replaces her as SP Jamnagar
  • Polling for election of Banas Dairy's Board of Directors to be held on 19 October
  • De-commissioned INS Viraat, a Centaur Class Aircraft Carrier, which was in service for 30 years, moves out of the Naval Dockyard for a ship-breaking yard at Alang in Gujarat .

Cabinet approves introduction of IFSC Authority Bill, 2019 in Lok Sabha, after withdrawal from Rajya Sabha

New Delhi: The Union Cabinet chaired by Prime Minister Shri Narendra Modi today approved for withdrawing of the International Financial Services Centres Authority, 2019 Bill which was introduced in the Rajya Sabha on 12th February, 2019 and pending in the Rajya Sabha and introducing the International Financial Services Centres Authority Bill, 2019 in the Lok Sabha in the ensuing session of the Parliament.

Benefits

Currently the banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators i.e. RBI, SEBI and IRDAI. The dynamic nature of business in the IFSCs necessitates a high degree of inter-regulatory coordination. It also requires clarifications and frequent amendments in the existing regulations governing financial activities in IFSCs.

The development of financial services and products in IFSCs would require focused and dedicated regulatory interventions. Hence a need is felt for having a unified financial regulator for IFSCs in India to provide world class regulatory environment to financial market participants.

Further, this would also be essential from an ease of doing business perspective. The unified authority would also provide the much needed impetus to further development of IFSC in India in-sync with the global best practices.

Background

The Union Cabinet in its meeting held on February 6, 2019 had approved the proposal for establishment of a unified authority for regulating all financial services through the introduction of the International Financial Services Centres Authority Bill 2019 in the Parliament. Subsequently, the International Financial Services Centres Authority Bill, 2019 was introduced in the Rajya Sabha on February 12, 2019 by the then Hon’ble Minister of State (Finance).

The Lok Sabha Secretariat has now conveyed that this is a Finance Bill under Article 117(1) of the Constitution and that it should be introduced in Lok Sabha accordingly with the recommendation of the President under Article 117(1) and 274(1) of the Constitution.