What do you mean by International Financial Centre (Gift City)? What are the benefits of IFC?

International Financial Centre (IFC) is the financial center that caters to the needs of the customers outside their own jurisdiction. Broadly, speaking IFC is a hub that deals with flow of funds, financial products and financial services even though in own land but with different set of regulations and laws. Thus, these centers provide flexibility in currency trading, insurance, banking and other financial services. This flexible regime attracts foreign investors which is of potential benefit not only to the stakeholders but as well as to the country hosting IFC itself. There are numberless direct and indirect benefits of setting up IFC but some major benefits emanating from establishing IFC are as follows: (i) Opportunity for qualified professionals working outside India come here and practice their profession. (ii) A platform for qualified and talented professionals to pursue global opportunities without leaving their homeland. (iii) Stops Brain Drain from India. (iv) Bringing back those financial services transactions presently carried out abroad by overseas financial institutions/entities or branches or subsidiaries of Indian Financial Market. (v) Trading of complicated financial derivative can be started from India.