Safeguarding conditions restrict workforce and asset transfers while defining when existing group contracts are treated as transferred. Safeguarding conditions restrict employee relocation and asset transfers from Group Entities in India to a BATF Service Provider. Transferred or relocated ... Summary
Referred In :
International Financial Services Centres Authority (Book-Keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024
Safeguarding conditions restrict workforce and asset transfers while defining when existing group contracts are treated as transferred.
Safeguarding conditions restrict employee relocation and asset transfers from Group Entities in India to a BATF Service Provider. Transferred or relocated employees must remain within the prescribed workforce limit, and only employees without recent Group Entity employment qualify as new employees. The conditions apply annually for the prescribed period. Existing contracts or work arrangements are treated as transferred where subsisting client arrangements are shifted, or prematurely terminated and replaced by a new arrangement with the same service recipient.
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