Sign In
Learn bits
Economy
Pradeep Kumar

13/07/21 09:30 AM IST

Trade Finance Services platform

In news

The International Financial Services Centres Authority (IFSCA) has been set up vide IFSCA Act, 2019 to develop and regulate the financial products, financial services and financial institutions in the International Financial Services Centres (IFSCs).

Reason
  • Towards this end, IFSCA has issued a framework for Setting up and operating International Trade Finance Services Platform (‘ITFS’) for providing Trade Finance Services at International Financial Services Centres (‘IFSCs’).
Significance
  • The framework will enable Exporters and Importers to avail various types of trade finance facilities at competitive terms, for their international trade transactions through a dedicated electronic platform viz, ITFS.
  • This will help in their ability to convert their trade receivables into liquid funds and to obtain short term funding.
  • This framework will provide an opportunity to the participants to avail trade finance facilities for trade transactions such as Export Invoice Trade Financing, Reverse Trade Financing, Bill discounting under Letter of Credit, Supply Chain Finance for Exporters, Export Credit (Packing Credit), Insurance/ Credit Guarantee, Factoring and any other eligible product, on the ITFS platform.
Source: PIB

More Related Current Affairs View All

24 Sep

Leveraging transit-oriented development to build productive cities

'Indian cities are on the brink of a transportation revolution, with a projected expenditure of ?3 trillion (between 2022–2027) set to be spent on approved metro rail project

Read More

24 Sep

Section 107 of BNSS

'The Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023, introduced Section 107, which deals with properties which are “proceeds of crime”.' Until recently, this term w

Read More

24 Sep

Supreme Court strengthened child pornography law

'Tightening the law on child pornography, the Supreme Court recently said that even viewing, possessing, and not reporting such content is punishable under the Protection of Childr

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps