- Committee was formed following a Ministry of Finance notification.
- The notification classified book-keeping, accounting, taxation, and financial crime compliance as ‘financial services’ under International Financial Services Centre (IFSC) Act, 2019.
- Gujarat International Finance Tech- City (GIFT City)-IFSC was established as Special Economic Zone (SEZ) in 2015, in Gujarat.
- An IFSC caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders.
- Opportunities for GIFT IFSC to become Global Finance and Accounting Hub
- Strong technology-driven outsourcing capabilities.
- Large talent pool of skilled manpower in the fields of accounting, etc.
- “Accounting and finance services” recognised as one of the 12 Champion sectors in services for exports.
- Recommendations
- Proposes a new regulation, providing for comprehensive and inclusive definition for Bookkeeping, Accounting, Taxation, and Financial Crime Compliance Services.
- Only firms that are registered as a company or a Limited liability partnership should be allowed to offer these services.
- Long-term strategies for education and skill acquisition through developing specialized degree or diploma programs, etc.
- Proposes a new regulation, providing for comprehensive and inclusive definition for Bookkeeping, Accounting, Taxation, and Financial Crime Compliance Services.
IFSC Authority
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