On July 4, 2024, the International Financial Services Centres Authority (IFSCA) issued a notification amending the International Financial Services Centres Authority (Banking) Regulations, 2020. The amendment, titled the International Financial Services Centres Authority (Banking) (Amendment) Regulations, 2024, was made under the powers granted by the International Financial Services Centres Authority Act, 2019. This regulation, which comes into effect upon its publication in the Official Gazette, adds four new currencies—Swedish Krone (SEK), Norwegian Krone (NOK), New Zealand Dollar (NZD), and Danish Krone (DKK)—to the First Schedule of the Banking Regulations. This update aims to enhance the regulatory framework and facilitate broader currency options for transactions within the International Financial Services Centres.
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
NOTIFICATION
Gandhinagar, the 4th July, 2024
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (BANKING) (AMENDMENT) REGULATIONS, 2024
IFSCA/GN/2024/004.—In exercise of the powers conferred by sub-section (1) of section 28 read with subsection (1) of section 12 and sub-section (1) of section 13 of the International Financial Services Centres Authority Act, 2019, the International Financial Services Centres Authority hereby makes the following regulations further to amend the International Financial Services Centres Authority (Banking) Regulations, 2020, namely:
1. (1) These regulations may be called the International Financial Services Centres Authority (Banking) (Amendment) Regulations, 2024.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the International Financial Services Centres Authority (Banking) Regulations, 2020, after the item number “xi” in the First Schedule the following item numbers shall be inserted, namely,
“xii. Swedish Krone (SEK)
xiii. Norwegian Krone (NOK)
xiv. New Zealand Dollar (NZD)
xv. Danish Krone (DKK) “
K. RAJARAMAN, Chairperson
[ADVT.-III/4/Exty./281/2024-25]
