The Committee of Experts tasked with developing the Gujarat International Finance Tech-City International Financial Services Centre (GIFT IFSC) into a ‘Global Finance and Accounting Hub’ has presented its findings to the Chairperson of the International Financial Services Centre Authority (IFSCA) on March 26, 2024.

Established following a directive from the Ministry of Finance on January 18, 2024, which classified bookkeeping, accounting, taxation, and financial crime compliance as ‘financial services’ under Section 3(1)(e)(xiv) of the IFSCA Act, 2019, the Expert Committee was headed by the President of the Institute of Chartered Accountants of India (ICAI). The panel comprised experts from various sectors including industry, academia, and government.

The Committee has put forth a comprehensive regulatory framework for conducting bookkeeping, accounting, taxation, and financial crimes compliance services within IFSCs in India. Furthermore, it has proposed numerous strategies for advancing the GIFT IFSC’s status as a ‘Global Finance and Accounting Hub’, encompassing initiatives aimed at enhancing the skills and expertise of the workforce.

In its recommendations, the Committee has underscored the potential of GIFT IFSC to emerge as a worldwide center for bookkeeping, accounting, taxation, and financial crime compliance services, thereby opening up significant employment opportunities for skilled professionals.

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