Tuesday, January 23, 2024

Four other regions are serviceable by GIFT City units

 NEW DELHI: Bookkeeping, accounting, tax compliance, and financial crime compliance are four services that can be provided by units in IFSC or GIFT City and are eligible for tax benefits from the Finance Ministry.

The money service warning specified that the administrations must be delivered to non-occupants whose business isn't set up by revamping their current operationsin India.

It additionally said that "monetary wrongdoing consistence administrations" will incorporate administrations delivered towards compliances of against illegal tax avoidance (AML) and countering the supporting of psychological warfare (CFT) measures and Monetary Activity Team (FATF) suggestions, and other related exercises

It is anticipated that the decision will encourage the Big Four companies to offer some of their services through arms they float in GIFT City, the nation's only operational international financial services center.

Apart from fintech and stock and commodity exchanges, entities are currently permitted to operate from GIFT City to provide banking, capital market, asset management, insurance, and aircraft leasing services.

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