Notification under Section 3 of the International Financial Service Centres Authority Act 2019

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-19012024-251465 EXTRAORDINARY PART II-Section 3-Sub-section (ii) PUBLISHED BY AUTHORITY No. 282] NEW DELHI, THURSDAY, JANUARY 18, 2024/PAUSHA 28, 1945 MINISTRY OF FINANCE (Department of Economic Affairs) (FINANCIAL MARKET DIVISION) NOTIFICATION New Delhi, the 18th January, 2024 S.O. 291(E). In exercise of the powers conferred by sub-clause (xiv) of clause (e) of sub-section (1) of section 3 of the International Financial Services Centres Authority Act, 2019 (50 of 2019), the Central Government hereby notifies the following as financial services, namely:- 1. book-keeping services; 2. accounting services; 3. taxation services; and 4. financial crime compliance 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, to non-residents whose business is not set up either by – (i) splitting up of business already in existence in India; or (ii) reconstructing of business already in existence in India; or (iii) reorganising of a business already in existence in India: Provided further that the units shall not offer the services by way of transferring or receiving of existing contracts or work arrangements from their group entities in India. Explanation. - For the purpose of this notification - (a). "financial crime compliance services” shall include services rendered in relation to compliances of Anti-Money Laundering (AML) / Countering the Financing of Terrorism (CFT) measures and Financial Action Task Force (FATF) recommendations, and other related activities; (b). A "non-resident" shall mean person resident outside India under Foreign Exchange Management Act, 1999 (42 of 1999) and shall also include units in International Financial Service Centre . [F. No. 3/15/2022-EM] SURBHI JAIN, Jt. Secy.