Expert panel moots comprehensive regulatory regime, workforce skilling

The Expert Committee on developing the Gujarat International Finance TechCity International Financial Services Centre (GIFT IFSC) as ‘Global Finance and Accounting Hub’ has recommended a comprehensive regulatory regime for undertaking bookkeeping, accounting, taxation and financial crimes compliance services from IFSC in India.

- NIVEDITA MUKHERJEE

The Committee has also recommended measures for enhancing the skills and competencies of the workforce among other suggestions for the promotion and development of GIFT IFSC as ‘Global Finance and Accounting Hub’. The report has been submitted to the Chairperson, International Financial Services Centre Authority, (IFSCA), the Finance Ministry said on Thursday.

The Government expanded the definition of ‘financial services’ under the IFSCA Act 2019, to include four major services namely book-keeping, accounting, taxation and financial crime compliance. This key policy decision has the potential to transform GIFT IFSC as a ‘global offshore centre for book-keeping, accounting, taxation and financial crime compliance services’ and create large employment opportunities for the talented Indian workforce.