The Ministry of Finance (MoF) on January 18, 2024, issued the notification to notify certain services as financial services.
The following has been stated namely: -
• The following services have been notified as financial services, namely: -
1. Book-keeping services
2. Accounting services
3. Taxation services
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: -
1. Splitting up of businesses already in existence in India
2. Reconstructing of business already in existence in India
3. Reorganising a business already in existence in India
Provided further that the units shall not offer the services by way of transferring or receiving existing contracts or work arrangements from their group entities in India.
[Notification No. S.O. 291(E)]
