The International Financial Services Centres Authority (IFSCA) on February 26, 2025, notified regarding the Interest on late payment of fee by entities undertaking permissible activities in IFSC.
The following has been stated namely: -
• It states that a 20% late fee on outstanding dues plus 15% simple interest per month on the late fee shall be required if payment is not made within the specified time.
• It states that effective from March 1, 2025, unpaid or short-paid dues will incur a simple interest of 0.75% per month for every month or part thereof as per Schedule II, S. No. 1, Clause 10(i).
[Notification no. - IFSCA-DTFA/1/2025-DTFA]
