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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