Quick Summary
Indian government has broadened the range of activities permissible at the International Financial Services Centre (IFSC). This expansion, outlined in a gazette notification issued by the Ministry of Finance, encompasses crucial financial services such as bookkeeping, accounting, taxation, and financial crime compliance. Details of the Notification The official notification, dated January 18, elaborates on the inclusion of various financial services within the IFSCs regulatory framework. A
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FAQ :
Bookkeeping, accounting, taxation, and financial crime compliance services have been added to the list of permissible activities at the IFSC.
These services are intended for non-residents whose businesses are not established through the division or restructuring of existing Indian businesses.
Yes, units operating within the IFSC are prohibited from offering services involving the transfer or receipt of existing contracts or work arrangements from their group entities within India.
These financial services will be subject to regulation by the International Financial Services Centres Authority (IFSCA).
The aim is to position the IFSC as a comprehensive financial hub, attract international businesses, and enhance India's standing in the global financial landscape.
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