Gandhinagar: The International Financial Services Centre (IFSC) located in GIFT City will now be offering more financial services, as notified by the Union Government through a Gazette notification issued recently. Services such as bookkeeping, accounting, taxation, and financial crime compliance have been brought under the ambit of IFSC.

According to the Gazette notification,”In exercise of the powers conferred by sub-clause (xiv) of clause (e) of sub-section (1) of section 3 of the International Financial Services Centres Authority Act, 2019 (50 of 2019), the Central Government hereby notifies the following as financial services, namely:-
1. book-keeping services;
2. accounting services;
3. taxation services; and
4. financial crime compliance services.”

“Provided that the financial services shall be offered by units in an International Financial Service Centre regulated by
the International Financial Services Centres Authority, to non-residents whose business is not set up either by –
(i) splitting up of business already in existence in India; or
(ii) reconstructing of business already in existence in India; or
(iii) reorganising of a business already in existence in India.” the notification added.

Provided further that the units shall not offer the services by way of transferring or receiving of existing contracts or
work arrangements from their group entities in India. DeshGujarat