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Legal framework for accounting and taxation professionals in GIFT City soon: Sitharaman GIFT City
Image Credit: PIB

Legal framework for accounting and taxation professionals in GIFT City soon: Sitharaman

India Blooms News Service | @indiablooms | 20 Aug 2023, 12:42 am

Gandhinagar: Union Finance Minister Nirmala Sitharaman on Saturday said that a comprehensive legal framework for accounting and taxation professionals will soon be in place to enable them to provide services to the world, making GIFT City the global hub for accounting and financial back-office functions.

While chairing a review meeting on the development and growth of India’s maiden International Financial Services Centre (IFSC) at GIFT City, Gandhinagar, the Minister emphasised the need for all stakeholders to recognise and support the identified pathways to elevate GIFT City as a premier financial hub so that it stands out as the best among its contemporaries on the global scale.

Sitharaman underlined that since GIFT IFSC has been recognised as a fast-moving International Financial Centre, priorities should be set out for attracting more and more business and creating large-scale investment.

She exhorted both the International Financial Services Centres Authority (IFSCA) and the Insurance Regulatory and Development Authority of India (IRDAI) to proactively engage with leading global insurance companies to establish GIFT as a premier global hub for insurance and reinsurance.

Union Finance Minister also emphasised using the maximum potential of the Indian International Bullion Exchange IFSC (IIBX) in ensuring disintermediation and efficient price discovery and asked RBI to pilot the import of TRQ gold under UAE CEPA through IIBX, which can pave the way for Indian banks efficiently using the IIBX platform.

Sitharaman visited IFSCA Headquarters in GIFT City and also addressed the members of the IFSC Authority along with the Secretaries of the Ministry of Finance and Ministry of Corporate Affairs.