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ARTICLE · 28 MAY 2024

Unwrapping The Gift-IFSC: A Gateway To Global Finance

Luthra and Luthra Law Offices India
Luthra and Luthra Law Offices India
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Within the interconnected landscape of global finance, international financial centres ("IFCs") connect investors, corporations, and financial institutions across the world, thereby propelling global economic integration and development.

IndiaFinance and Banking
Harish Kumar
Harish Kumar
Deekhit Bhattacharya
Deekhit Bhattacharya
Anirudh Grover
Anirudh Grover
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Unwrapping The Gift-Ifsc: A Gateway To Global Finance

Within the interconnected landscape of global finance, international financial centres ("IFCs") connect investors, corporations, and financial institutions across the world, thereby propelling global economic integration and development. Globally, international financial services are concentrated in IFCs, with prominent ones being located in Singapore, London, New York, and Dubai. These IFCs have been dynamos of innovation, trade, and transnational investment since decades.

The need for an Indian IFC was sorely felt as the Indian economy liberalised. In 2007, the Percy Mistry Committee Report recommended setting up an IFC in Mumbai – an idea which had to be shelved owing to the exigencies of the 2008 global financial crisis. The idea was revived in the FY 2015-16 Union Budget, wherein the Hon'ble Finance Minister announced the establishment of India's first international financial services centre ("IFSC") in

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