Expert panel on GIFT IFSC ‘Global Finance and Accounting Hub’ submits report

The Expert Committee on developing the GIFT City in Gujarat as ‘Global Finance and Accounting Hub’ has recommended a comprehensive regulatory regime for undertaking bookkeeping, accounting, taxation and financial crimes compliance services from the IFSC in India. 

The Panel’s recommendations —twelve major ones in all—include measures for enhancing the skills and competencies of the workforce, broad entry criteria for firms looking to offer services of bookkeeping, accounting, taxation and financial crimes compliance services. Only firms that are registered as a company or a Limited liability partnership should be allowed to offer these services. Any entity established overseas can open a branch in IFSC only if it does not have a presence in India, the Panel has recommended. 

• Also read: Pod taxis to provide last-mile connectivity in GIFT City; consultants appointed

The Committee

The Expert Committee, Chaired by CA Institute President Ranjeet Kumar Agarwal, has submitted its report to International Financial Services Centre Authority, (IFSCA) Chairman K Rajaraman. 

In its report, the Committee has highlighted the potential for GIFT IFSC to become a global hub for book-keeping, accounting, taxation and financial crime compliance services, which would create large employment opportunities for the talented workforce.The committee comprised of experts from the industry, academia and the Government.

Centre had in January 2024 notified book-keeping, accounting, taxation and financial crime compliance as ‘financial services’ under Sec 3(1)(e)(xiv) of IFSCA Act, 2019.

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