Expert Committee on developing GIFT IFSC as ‘Global Finance and Accounting Hub’ submits report to IFSCA | Current Affairs | Vision IAS
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Expert Committee on developing GIFT IFSC as ‘Global Finance and Accounting Hub’ submits report to IFSCA

Posted 02 Apr 2024

2 min read

  • 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.

 

IFSC Authority

  • IFSC Authority is a statutory body established under IFSC Act,2019.
  • A unified regulator for development and regulation of financial products, financial services and financial institutions in IFSCs in India. 
  • Tags :
  • GIFT IFSC
  • Opportunities for GIFT IFSC
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