GIFT IFSC's Transformation into a Global Finance and Accounting Hub

Summary and Important Points:

1. Expert Committee Submission:

• Submitted a report on making GIFT IFSC a ‘Global Finance and Accounting Hub’ to the IFSCA Chairperson on 26th March 2024.

1. Committee Formation:

• Formed by the Ministry of Finance on 18th January 2024, following the notification recognizing specific financial services under the IFSCA Act, 2019.

1. Composition:

• Chaired by the President of ICAI, including industry experts, academics, and government officials.

1. Recommendations:

• Suggested a comprehensive regulatory regime for bookkeeping, accounting, taxation, and financial crime compliance services from IFSC in India.

1. Promotion and Development Strategies:

• Proposed measures to enhance workforce skills and competencies to support GIFT IFSC's global hub vision.

1. Employment Opportunities:

• Emphasized the potential for creating extensive job opportunities in financial services.

Additional Information:

• GIFT IFSC: Gujarat International Finance Tech-City International Financial Services Centre, aiming to become a leading global financial and services hub.

• IFSCA: International Financial Services Centre Authority, the regulatory body for IFSCs in India.

• ICAI: Institute of Chartered Accountants of India, a statutory body for regulating the profession of Chartered Accountancy in India.

• Financial Services in IFSC: Encompasses book-keeping, accounting, taxation, and financial crime compliance as notified financial services.

Examination Perspective and Concise Points for Use:

• Understanding the strategic plan to develop GIFT IFSC as a global finance and accounting hub.

• The role of regulatory regimes and skill enhancement in establishing GIFT IFSC’s global prominence.

• Employment generation potential in the finance and accounting sector through GIFT IFSC.

Key Words to Remember:

• GIFT IFSC

• Global Finance and Accounting Hub

• Expert Committee

• IFSCA

• ICAI

• Financial Services

Link to Article : Press Information Bureau (pib.gov.in)

Released On : 28 March 2024