The International Financial Services Centres Authority (IFSCA) has authorized CCIL IFSC Limited (CIL) to operate a dedicated Foreign Currency Settlement System within GIFT IFSC. This authorization was granted under Section 7 of the Payment and Settlement Systems Act, , and the IFSCA’s Payment and Settlement Systems Regulations. The IFSCA has formally notified and adopted the Bye-Laws, Rules, and Regulations prepared by CIL, which now serve as the governing regulations for all operations of this new foreign currency settlement mechanism. These rules have been issued in exercise of powers under the Payment and Settlement Systems Act and the IFSCA Act. All financial institutions operating in the IFSC are directed to note this development, and the detailed legal framework is available for access on CIL’s official website under the “Legal Framework” section.
International Financial Services Centres Authority
Circular No. E.File.no.IFSCA-FMPP0BR/6/2024-Banking Dated: October 3, 2025
To,
All Financial Institutions in IFSC
Dear Sir/Madam,
Foreign Currency Settlement System – Notification of Bye-laws, Rules and Regulations
1. The Authority has authorised CCIL IFSC Limited (“CIL”) under the provisions of Section 7 of the Payment and Settlement Systems Act, 2007, and regulation 6 of the International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024, read with Section 12 and Section 13 of the International Financial Services Centres Authority Act, 2019 to operate a payment system for settlement of transactions in foreign currency to be called the ‘Foreign Currency Settlement System’ in GIFT IFSC.
2. In exercise of the powers conferred under sub-section 1 of section 10 of the Payment and Settlement Systems Act, 2007 and regulation 9 of the International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024 read with Section 12 and Section 13 of the International Financial Services Centres Authority Act, 2019, the Authority hereby notifies the Bye-Laws, Rules and Regulations prepared by CIL as the regulation, guideline, instruction or direction governing the operations of the Foreign Currency Settlement System.
3. The said Bye-Laws, Rules and Regulations may be accessed through the website of CIL (https://ccilifsc.co.in) under the heading “Legal Framework”.
Yours faithfully
(Supriyo Bhattacharjee)
Chief General Manager
Department of Banking Regulation
