The Expert Committee has been constituted by the IFSCA with an aim to suggest how to develop international retail business in InternationalFinancial Services Centre (IFSC). Hence statement 1 is correct. The committee suggests that the IFSC can aim at: Becoming a gateway to India's growth story for international investors and businesses. Providing Indian diaspora and individuals from Asia and Africa with a comprehensive range of financial services from the IFSC. Serving domestic residents availing liberalized remittance scheme. The Government of India had constituted the IFSCA with Shri I Srinivas as its Chairperson earlier this year to develop and regulate the financial services market in the IFSC in India. Hence statement 2 is correct. Apart from channelizing India's offshore business to the IFSC located at GIFT City and making it the gateway for India centric international financial services. The objective is to make it a global hub for international financial services on the lines of London, Hong Kong, Singapore, and Dubai.