The International Financial Services Centres Authority (IFSCA) on July 10, 2023, issued a notification regarding Fee structure for the entities undertaking or intending to undertake permissible activities in IFSC.
The following has been amended to the circular issued on May 17, 2023-
i. In para 5 (ii), line 1, word 7, i.e., “need” shall be omitted;
ii. In para 6 (i) (g), 6 (ii) (b), and 6 (iii) (c), the word “preceding” shall be inserted before the last two words, i.e., “financial year”. Accordingly, the text “....shall be paid within 30 days of the end of the financial year” shall be substituted by “....shall be paid within 30 days of the end of the preceding financial year".
iii. In Para 6 (iii) (b), line 1, word 10, i.e., “(i)” shall be substituted by “(a)”.
iv. In Para 9 (i) and (ii), the Schedule Number mentioned in the last line of each sub-para shall be substituted by “I” instead of “II”.
v. Para 14 (iv) of the Circular shall be substituted by the following:
“For the entities remitting the fee in INR, RBI reference rate for the date on which the remittance is being made will be applicable. The RBI reference rate is available at https://www.rbi.org.in/scripts/ReferenceRateArchive.aspx."
[Notification No. 865/IFSCA/Banking/Fee Revision/2022-23]
