25 Aug 2023: PIB Summary for UPSC

TABLE OF CONTENTS

1. Committee of Experts to ‘Onshoring the Indian Innovation to GIFT IFSC’
2. Tele-Law 2.0 unveiled by Law Minister

1. Committee of Experts to ‘Onshoring the Indian Innovation to GIFT IFSC’

Syllabus: GS- III, Indian Economy

Prelims: International Financial Services Centres Authority

Context:

• A ‘Committee of Experts to Onshore the Indian Innovation to GIFT IFSC‘ was formed by the International Financial Services Centres Authority (IFSCA) to explore ways to encourage Indian startups to set up their commercial presence in GIFT IFSC.
• The committee was led by Shri G. Padmanabhan, former executive director of the Reserve Bank of India, and included representatives from venture capital funds, startups, fintechs, law firms, tax firms, and other domain experts.
• The committee focused on understanding why Indian startups choose to shift their operations outside of India and how to encourage them to return and re establish their operations in India
• The committee provided recommendations that are crucial to developing GIFT IFSC as a global fintech hub, including measures to attract new fintech companies to establish themselves in GIFT IFSC.
• The report compared India’s approach to holding company setups with those of other countries like Singapore, the Netherlands, and Luxembourg, which have successfully implemented similar setups.
• The committee identified challenges and proposed solutions for the development of the International Innovation Hub at GIFT IFSC.
• International Financial Services Centres Authority (IFSCA)

• • The IFSCA was established in April 2020 under the International Financial Services Centres Authority Act, 2019. 
  • It is a statutory authority established by the Indian Government.
  • It is an authority to develop and regulate financial services, financial products and financial institutions in the International Financial Services Centres (IFSC) in India. 

Read more on Gujarat International Finance Tech-City (GIFT City).

2. Tele-Law 2.0 unveiled by Law Minister

Syllabus: GS-II, Indian Polity

Prelims: Tele-Law 2.0

Context:

• The Department of Justice, Ministry of Law & Justice has announced the launch of Tele-Law 2.0. 
• Tele-Law was announced to take legal aid to the marginalised communities through Common Services Center (CSC). It has made justice accessible and inclusive with close to 50 lakh legal consultations. 
• Tele-Law 2.0 will now be integrating Tele-Law Services with Nyaya Bandhu pro bono legal services.
• Under Tele-Law 2.0, citizens can now access a range of legal services, including guidance, support, and representation, through a single registration process. 

Read the previous PIB articles here.