- The government expanded the scope of activities at the International Financial Services Centre (IFSC).
- The government has included services such as bookkeeping, and accounting to be undertaken at the International Financial Services Centre (IFSC).
- Various services including book-keeping, accounting, taxation, and financial crime compliance will be undertaken as part of the financial services at the International Financial Services Centre (IFSC).
- The Ministry of Finance has issued a notification regarding expanding services at the International Financial Services Centre.
- The financial services are provided by the International Financial Services Centres Authority (IFSCA) to non-residents.
IFSCA
- IFSCA is a statutory body. It was set up in April 2020 under the International Financial Services Centres Authority Act, 2019.
- It was established to regulate all financial services in International Financial Services Centres (IFSCs).
- At present, GIFT City, Gandhinagar in Gujarat is India’s first and only operational International Financial Services Center.