Expert committee constituted for GIFT IFSC submitted report to IFSCA

Recently the expert committee constituted for developing Gujarat International Finance Tech-City International Financial Services Center (GIFT – IFSC) as ‘Global Finance and Accounting Hub (GFAH)’ has submitted its report to the International Financial Services Center Authority.

Main Point

• The Expert Committee was constituted in compliance with the notification issued by the Finance Ministry on January 18, 2024.
• This committee covers bookkeeping, accounting, taxation and financial crime compliance notified as ‘financial services’ under Section 3(1)(e)(xiv) of the IFSCA Act, 2019.
• The committee was chaired by the President of the Institute of Chartered Accountants of India (ICAI).
• This committee included experts from industry, academia and government.
• The expert committee has recommended creating a comprehensive regulatory regime to introduce bookkeeping, accounting, taxation and financial crime compliance services from IFSC in India.
• The committee has also made several recommendations to promote and develop GIFT IFSC as a ‘Global Finance and Accounting Hub’.
• The committee will create more opportunities for employment for the talented workforce.

GIFT

• GIFT City is located in Gandhinagar, Gujarat.
• It is a multi-service Special Economic Zone (SEZ) that houses India’s first International Financial Services Center (IFSCA).
• GIFT City is envisioned as an integrated hub for financial and technology services.

IFSCA

• Established: April 2020
• It is a unified regulator for the development and implementation of financial products, services and institutions in India.
• Headquarters – Gandhinagar (Gujarat), GIFT City

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