The International Financial Services Centres Authority (IFSCA) on April 08, 2024, issued the International Financial Services Centres Authority (Payment Services) (Amendment) Regulations, 2024, to further amend the International Financial Services Centres Authority (Payment Services) Regulations, 2024.
The following amendment has been stated:
• In regulation 2, which states “Definitions”, for clause (l) of sub-regulation (1) the following clause shall be substituted, namely:
“(l) “escrow service” means the service provided by a payment service provider, under an agreement, whereby money is held by such payment service provider in an escrow account with an IFSC Banking Unit (‘IBU’) or an IFSC Banking Company (‘IBC’) for and on behalf of one or more parties that are in the process of completing a transaction;
This notification will come into force from April 08, 2024.
[Notification No IFSCA/GN/2024/002]
