Nirmala Sitharaman English news | Nirmala Sitharaman, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

The Lok Sabha on Wednesday passed a bill for establishing a unified authority for regulating and developing financial services market in International Financial Services Centre (IFSC).The International Financial Services Centres Authority Bill, 2019, was passed after a reply by Union Finance Minister Nirmala Sitharaman.Replying to the debate, Sitharaman said the "financial exclusive SEZ" in Gujarat was approved by the UPA government in 2011.Referring to points made by Opposition members, she said Prime Minister Narendra Modi, who was then Gujarat Chief Minister, was the first mover of the International Financial Services Centre."It was proposed and clearance was given in 2015. The application was made by Gujarat government in 2011 and permission was given by the Commerce Ministry (then)," she said.Referring to demands of members for setting up International Financial Services particularly in Mumbai, she said: "Nothing stops states from applying".She also cited former Finance Minister Arun Jaitley as saying that more such SEZs should be considered once the potential of the existing SEZ is fully realised.She also took a dig at Opposition members who pointed to prohibition in Gujarat as a factor that may come in the way of attracting the right talent for the SEZ."When the Commerce Ministry gave permission, it did not come to your mind, then you did not think about prohibition," she said.Sitharaman said there had been Congress governments in Gujarat in the past and they did not think prohibition will come in the way of attracting industry.The Union Cabinet had earlier approved the withdrawal of the bill from Rajya Sabha and its introduction in Lok Sabha as it is a "money bill".The statement of objects and reasons of the bill states that the banking, capital markets and insurance sectors in IFSCs are regulated by multiple regulators such as RBI, SEBI, and IRDAI but the dynamic nature of business in the IFSCs necessitates a high degree of inter-regulatory coordination.It states development of financial services and products in IFSCs would require focused and dedicated regulatory interventions and a need was felt for having a unified financial regulator for IFSCs in India to provide a world-class regulatory environment to financial market participants.The Special Economic Zones Act, 2005, provides that the Central government may approve the setting up of an International Financial Services Centre in an SEZ and prescribe the requirements for setting up and operate such a centre.( With inputs from ANI )

Nirmala SitharamanFOLLOW

Nirmala sitharaman, Latest News

Demanding the Centre to immediately reimburse the Goods & Services Tax (GST) dues of various states, the Shiv Sena on Saturday accused the Bharatiya Janata Party of attempting to gobble up the states' GST earnings. ...

Ensuring that the country will soon overcome onion crisis, Finance Minister Nirmala Sitharaman on Friday said that the government was taking every step to import onions and restore their supply to the market. ...

Finance Minister Nirmala Sitharaman said on Friday that the economy has started to show some improvement, the results of which have started showing and investment in the country is increasing. ...

The privatisation process of state-run BPCL will start this week with roadshows for its strategic stake sale scheduled from Friday in London, the US and Dubai led by DIPAM and oil ministry officials. ...

Paving the way for setting up an authority to develop and regulate the financial services market in the international financial services centres (IFSCs), the Rajya Sabha on Thursday passed the International Financial Services Centres Authority Bill. ...

The Centre on Thursday introduced a Bill in the Lok Sabha with provisions seeking removal of bottlenecks and streamline the Corporate Insolvency Resolution Process (CIRP) aimed at protection of last mile funding to boost investment in financially dis ...

A bill was introduced in the Lok Sabha on Thursday which seeks to remove bottlenecks, streamline the Corporate Insolvency Resolution Process (CIRP) and protection of last-mile funding to boost investment in financially distressed sectors. ...

The Lok Sabha on Wednesday passed a bill for establishing a unified authority for regulating and developing financial services market in International Financial Services Centre (IFSC). ...