The International Financial Services Centres Authority (IFSCA) has issued a circular outlining the procedures for entities seeking authorization to operate a Payment System within an International Financial Services Centre (IFSC). The circular specifies the application format and details required for prospective applicants. Each applicant must submit an application form (Schedule I) along with additional information (Schedule II) in English, ensuring completeness to avoid rejection. The circular emphasizes that any non-applicable information must be justified with reasons. Furthermore, all supporting documents must be submitted in English or accompanied by a certified translation. The IFSCA advises applicants to stay updated on relevant amendments and regulations through its official website. For any queries regarding applications, applicants can reach out via email.
International Financial Services Centres Authority
Circular No. IFSCA-FMPP0BR/12/2023-Banking-Part(2) Dated: October 23, 2024
To,
Entities seeking authorisation to commence or carry on a Payment System in an
International Financial Services Centre.
Dear Sir/Madam,
Format and manner of seeking authorisation to commence or carry on a Payment System in an International Financial Services Centre
1. In exercise of its powers under sub-regulation 2 of regulation 4 of the IFSCA (Payment and Settlement Systems) Regulations, 2024, the Authority hereby specifies the format and manner for applying to the Authority for commencing or carrying on a Payment System in an IFSC.
2. Every person desirous of commencing or carrying on a Payment System in an International Financial Services Centre (hereinafter referred to as ‘applicant’) shall submit the application form (Schedule I) and additional information/submissions (Schedule II) to the Authority.
3. In addition to information sought in the abovementioned schedules, an applicant may be required to submit other information/clarifications as may be required by the Authority.
4. An applicant shall fill up the application form and submit the information sought in English. Incomplete applications shall not be considered. In case the applicant has already answered a question elsewhere in the schedules, specific reference to that cell/section may be provided to avoid duplication.
5. In case the applicant is of the opinion that an information sought in the schedules does not apply to him, the applicant shall answer to that effect stating the reasons justifying the non-applicability.
6. Applicants are advised to refer to the IFSCA website for latest amendments in the IFSCA (Payment and Settlement Systems) Regulations/ Frameworks/ Circulars etc. that may be pertinent to the application.
7. All the documents submitted along with the application must be in English. In case of documents that are not in English, a certified English translation of the same shall be enclosed. The English translation must be certified “true copy” by an external legal counsel. All documents submitted with the application shall be self-certified. However, in the case of foreign nationals or companies the relevant documents (e.g., Certificate of Incorporation, Certificate / Declaration of the person being authorised to act on behalf of the entity etc.) are to be apostilled /notarised.
8. Any queries relating to an application, submitted or proposed to be submitted, may be directed to the Authority by email to [email protected].
Yours faithfully
(Supriyo Bhattacharjee)
Chief General Manager
Division of Payments and Settlements
Department of Banking Regulation and Development
