{"id":324064,"date":"2024-06-11T12:30:22","date_gmt":"2024-06-11T07:00:22","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=324064"},"modified":"2024-06-11T12:01:27","modified_gmt":"2024-06-11T06:31:27","slug":"ifsc-book-keeping-accounting-taxation-and-financial-crime-compliance-services-regulations-2024","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/06\/11\/ifsc-book-keeping-accounting-taxation-and-financial-crime-compliance-services-regulations-2024\/","title":{"rendered":"IFSC (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024"},"content":{"rendered":"
\n

On 6-6-2024, the International Financial Services Centres Authority notified the International Financial Services Centres Authority (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024<\/span>. The provisions came into force on 6-6-2024.<\/p>\n

Key Points:<\/p>\n

    \n
  1. \n

    These Regulations aim to put the regulatory framework relating to development, registration and operations of Book-keeping, Accounting, Taxation and Financial Crime Compliance Services from International Financial Services Centres (‘IFSC’).<\/span><\/p>\n<\/li>\n

  2. \n

    BATF Service Provider means any entity registered under these Regulations to undertake the following:<\/p>\n

      \n
    • \n

      B<\/span>ook-keeping services;<\/p>\n<\/li>\n

    • \n

      A<\/span>ccounting services;<\/p>\n<\/li>\n

    • \n

      T<\/span>axation services;<\/p>\n<\/li>\n

    • \n

      F<\/span>inancial crime compliance services.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

    • \n

      Registration of BATF<\/p>\n

        \n
      • \n

        Only an Ancillary Service Provider (‘ASP’)<\/span> can provide BATF Services in an IFSC without obtaining certificate of registration from the Authority.<\/p>\n<\/li>\n

      • \n

        ASP who intends to provide BATF services will have to communicate its willingness to operate under these Regulations within 60 days from the date 6-6-2024.<\/p>\n<\/li>\n

      • \n

        ASP will also have to ensure compliance of the safeguarding conditions.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

      • \n

        Safeguarding conditions:<\/p>\n

          \n
        • \n

          Applicant will ensure that the business is not set up either by:<\/p>\n

            \n
          • \n

            Splitting up an already existing business;<\/p>\n<\/li>\n

          • \n

            Reconstructing of an already existing business;<\/p>\n<\/li>\n

          • \n

            Reorganizing an already existing business.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

          • \n

            BATF should not provide services by way of transferring or receiving of existing contracts or work arrangements from their Group Entities in India.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

          • \n

            The Principal Officer<\/span>, designated by the BATF Service Provider, will be responsible for overall activities in IFSC.<\/p>\n<\/li>\n

          • \n

            A Compliance Officer<\/span> will be designated by the BATF Service Provider who will be responsible for reporting to the Board of Directors or head of the organization.<\/p>\n<\/li>\n

          • \n

            BATF Service Provider can carry out its operation in any Specified Foreign Currency<\/span>. It will also be permitted to have an INR account to defray their administrative and statutory expenses.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

            BAFT Service Provider will undertake Bookkeeping, Accounting, Taxation & Financial Crime Compliance Services.<\/p>\n","protected":false},"author":67515,"featured_media":324062,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[37180,69662,69663,69664,38410,44461,11091],"class_list":["post-324064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-accounting","tag-baft-servive-provider","tag-book-keeping","tag-financial-crime-compliance","tag-ifsc","tag-international-financial-services-centres-authority","tag-taxation"],"yoast_head":"\nIFSC (BATF) Regulations, 2024 | SCC Times<\/title>\n<meta name=\"description\" content=\"Intenational Financial Services Centres Authority notified IFSC Authority (Book-keeping, Accounting, Taxation and 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A self-contained regulation laying down the major\u2026","rel":"","context":"In "Cabinet Decisions"","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":325640,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/07\/03\/legislation-roundup-june-2024-legal-update\/","url_meta":{"origin":324064,"position":4},"title":"LEGISLATION ROUNDUP JUNE 2024: 53rd GST Council Meeting; Cinematograph Rules; SEBI & RBI Circulars & more","author":"Kriti","date":"July 3, 2024","format":false,"excerpt":"53rd GST COUNCIL MEETING Aadhaar-Based Biometric Authentication to roll out; Railways and Hostels remains exempted from GST In the 53rd GST Council Meeting held on 22-06-2024, the Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs announced various substantial initiatives to tackle matters to tax amendments, Aadhaar integration, and exemption\u2026","rel":"","context":"In "Legal RoundUp"","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"Legislation Roundup June 2024","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/07\/Legislation-Roundup-June-2024.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/07\/Legislation-Roundup-June-2024.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/07\/Legislation-Roundup-June-2024.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/07\/Legislation-Roundup-June-2024.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":296566,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/07\/12\/ifsc-notifies-ifsc-authority-banking-amendment-regulations-2023-legal-news\/","url_meta":{"origin":324064,"position":5},"title":"IFSC introduces definitions of IFSC Banking Company and IFSC Banking Unit","author":"Kriti","date":"July 12, 2023","format":false,"excerpt":"On 7-7-2023, the International Financial Services Centres Authority (\u2018IFSCA\u2019) notified the International Financial Services Centres Authority (Banking) (Amendment) Regulations, 2023 to amend the International Financial Services Centres Authority (Banking) Regulations, 2020. Key Points: 1. 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