New Delhi, Jan 22 (PTI) The government has expanded the scope of activities that can be undertaken at the International Financial Services Centre (IFSC) by including services such as book keeping, 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.

Also Read | Explainer on Union Budget of India: Everything You’ve Ever Wanted To Know About an Interim Budget.

"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," it said in a notification on January 18.

The notification stipulates that these units should not offer services by way of transferring or receiving existing contracts or work arrangements from their group entities in India.

Also Read | Union Budget 2024-25: Ten Facts About India’s Budget That Every Indian Citizen Must Know Of.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)