The International Financial Services Centres Authority (IFSCA) issued a circular on October 8, 2024, outlining the reporting format for Payment Service Providers (PSPs) as per the IFSCA (Payment Services) Regulations, 2024. The circular specifies the types of returns to be submitted, which are detailed in Annexure I, along with their submission frequency. It also provides instructions for filing returns in Annexure II. PSPs are required to submit an auditor’s certificate of net worth and a certificate regarding escrow account maintenance, either in physical or soft copy format, with a Unique Document Identification Number (UDIN). Additionally, PSPs must declare their net worth in physical form, signed by designated officials as approved by their Board of Directors. Other returns, labeled Form 1A to Form 9, must be submitted exclusively in soft copy format via email to the IFSCA. PSPs must inform the Authority of the designated officials responsible for these submissions. Non-compliance, including late submissions or inaccurate information, may lead to penalties under regulation 12. Queries regarding the returns must be directed to the IFSCA via email.
International Financial Services Centres Authority
Circular No. IFSCA-FMPP0BR/3/2023-Banking Dated: October 8, 2024
To,
All Payment Service Providers
Dear Sir/Madam,
Format for providing information by a Payment Service Provider (PSP)
1 In exercise of its powers under regulation 32 of the IFSCA (Payment Services) Regulations, 2024 (“the regulations”), the Authority hereby specifies the format for providing information to the Authority by a Payment Service Provider.
2. The details of the returns to be submitted is provided in Annexure I of this circular alongwith the periodicity of submission of such returns. Instructions for filing the returns are provided in Annexure II to this circular.
3. Auditor’s certificate of Net worth of PSP and Auditor’s certificate on Maintenance of Balance in Escrow Account/s shall be submitted in physical form or in soft copy form with the Unique Document Identification Number (UDIN) and the same shall be addressed to the Chief General Manager, Division of Payment and Settlement, Department of Banking, International Financial Services Centres Authority.
4. PSP’s declaration of Net Worth shall be submitted in physical form and the Authorised signatory for signing this certificate shall be the person/persons so designated by the Board of Directors of the PSP.
5. Other returns (i.e. Form 1A to Form 9), as applicable, shall be accepted in soft copy format (excel sheet) only. The same shall be sent by email to [email protected]. The PSP shall give prior intimation to the Authority of the designated officials (along with their email addresses) who are authorised to submit such returns on behalf of the PSP and any change thereof.
6. Failure to submit the returns within the prescribed time period and/or providing incorrect information in the returns would be treated as a failure to comply with a condition of the authorisation as a PSP and the said PSP shall, inter alia, be liable for action under sub-regulation 1 of regulation 12 of the regulations.
7. Any queries relating to the returns shall be submitted only by email to payment-services@ifsca.gov.in.
Yours faithfully
(Supriyo Bhattacharjee)
Chief General Manager
Department of Banking
