The International Financial Services Centres Authority (IFSCA) on October 23, 2024, issued a circular regarding the format and manner of seeking authorisation to commence or carry on a Payment System in an International Financial Services Centre.
The following has been stated: -
•The Authority specifies the application process for starting a Payment System in an International Financial Services Centre (IFSC) under the IFSCA (Payment and Settlement Systems) Regulations, 2024.
•Applicants must submit a completed application form and additional information in English, avoiding duplication and addressing non-applicability with justifications.
•All documents must be self-certified and translated into English if necessary, with foreign documents requiring apostille/notarization.
•Queries can be directed to the Authority via email.
The detailed circular is given in the document below.
[Circular No. IFSCA-FMPP0BR/12/2023-Banking-Part(2)]
