meaning
Gaurav Kaushik (Assistant C.S.) (66 Points)
17 October 2017
what is the meaning of ifsc private company.
1 Replies
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 17 October 2017
IFSC stands for “INTERNATIONAL FINANCIAL SERVICES CENTRES”. An IFSC caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. Some examples of Global Financial Centres are London, New York and Singapore. However, Shanghai and Dubai, are emerging IFSCs around the world and are aspiring to play a global role in the years to come. An expert panel headed by former World Bank economist Percy Mistry submitted a report on making Mumbai an international financial centre in 2007. However, the global financial crisis that unfolded in 2008 made countries including India cautious about rapidly opening up their financial sectors.
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