Expert committee on developing GIFT IFSC as “Global Finance and Accounting Hub”

Expert committee on developing GIFT IFSC as “Global Finance and Accounting Hub”

The Expert Committee on developing GIFT IFSC as “Global Finance and Accounting Hub” has recently submitted its report. The Expert Committee has submitted its report to the Chairperson of International Financial Services Center Authority IFSCA.

About the Expert Committee:

The Ministry of Finance had constituted one Expert Committee by issuing a notification in January 2024. According to the notification issued by the Finance Ministry, there was a proposal to expand the work areas and financial services provided by IFSCA by including bookkeeping, Accounting, taxation and financial crime compliance as new financial services.

The head of this Expert Committee is the president of the Institute of Chartered Accountants of India (ICAI). The other members of this Expert committee are from the industry, academia and from government.

Recommendations:

There are some main points of the recommendations provided by the expert committee mentioned below-

• A comprehensive regulatory Regime for undertaking new updated financial services as Accounting, bookkeeping, taxation, financial crime compliance mentioned in the notification of the Finance Ministry
• Recommendations for the development of GIFT IFSC as “Global Finance and Accounting Hub”
• Recommendations for enhancing capacity and skills of workforce
• Highlighted the importance of GIFT IFSC for generating employment.

About IFSCA:

The International Financial Services Centres Authority (IFSCA) is a regulatory body in India that oversees and regulates financial services in International Financial Services Centres (IFSCs) in the country. It was established in April 2020 to develop and regulate the financial products, financial services, and financial institutions located within IFSCs. IFSCs are designated areas that offer various financial services to clients from around the world.

Conclusion:

IFSCA is an important Organization and plays an important role as a catalyst for the development of IFSCs, driving economic growth, and enhancing India’s stature in the global financial landscape.

Important Questions:

• What is the IFSCA?
• Who is the head of the Expert Committee on developing GIFT IFSC as Global Finance and Accounting Hub?

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