Question
Under what conditions can financial services be offered
by units in an International Financial Service Centre (IFSC) to non-residents, according to the Ministry of Finance's notification?Solution
The government has expanded the scope of activities that can be undertaken at the International Financial Services Centre (IFSC) by including services such as bookkeeping, and accounting. As per a gazette notification issued by the Ministry of Finance, various services, including book-keeping, accounting, taxation, and financial crime compliance, have been included as part of financial services. Provided that the financial services shall be offered by units in an International Financial Service Centre regulated by the International Financial Services Centres Authority (IFSCA) to non-residents whose business is not set up either by splitting up of business already in existence in India; or reconstructing/reorganising of business already in existence in India.These units should not offer services by way of transferring or receiving existing contracts or work arrangements from their group entities in India.
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