Indian Government Broadens Scope Of Financial Services At IFSC To Include Book-keeping And Accounting

ENA Sectors 2024-01-23 17:51:34 New Delhi, Jan 23 (KNN) The Indian government has expanded the range of activities permitted at the International Financial Services Centre (IFSC) by incorporating services such as bookkeeping and accounting. The Ministry of Finance issued a gazette notification announcing the inclusion of various services like book-keeping, accounting, taxation, and financial crime compliance as part of the financial services permissible at the IFSC. The notification, dated January 18, specifies that these financial services can be provided by units within an IFSC regulated by the International Financial Services Centres Authority (IFSCA) to non-residents. However, it emphasises that the business of these non-residents should not be set up by splitting an existing business in India or reconstructing/reorganizing an already established business in the country. Furthermore, the notification outlines that units offering these financial services should refrain from transferring or receiving existing contracts or work arrangements from their group entities in India. This expansion of permissible activities at the IFSC aligns with the government's efforts to enhance the competitiveness of India's financial services sector on a global scale. By including crucial financial services like bookkeeping and accounting, the government aims to attract international businesses to the IFSC while ensuring compliance with regulatory standards set by the IFSCA. (KNN Bureau) 36402 https://knnindia.co.in/news/newsdetails/sectors/indian-government-broadens-scope-of-financial-services-at-ifsc-to-include-book-keeping-and-accounting 2024-01-23 17:51:34 knnindia.co.in Indian Government Broadens Scope Of Financial Services At IFSC To Include Book-keeping And Accounting