The Government proposes to set up International Financial Services Centres (IFSC) in the country. The IFSCs are envisaged to be set up/operationalized in India to provide avenues to finest financial minds in India to fully exhibit and exploit their strength to the country’s advantage and enable India to become a producer and exporter of international financial services.

The IFSCs will be set-up in the Special Economic Zones (SEZ). The first IFSC is proposed to be set up in Gujarat International Finance Tec-City, which is located in the notified Special Economic Zone. Appropriate regulations in this regard will be issued in March, 2015.

This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha.

International Financial Services Centres to be established in SEZs to develop India as producer and exporter of financial services. The Government proposes establishing International Financial Services Centres within Special Economic Zones to enable India to become a producer and exporter of international financial services; the first IFSC is planned at GIFT City in a notified SEZ and a regulatory framework was announced for issuance in March 2015.