IFSCA Notifies Norms for Offering Payment Services in or from IFSC
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- By Chetan Kulasri
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- Last Updated on 3 February, 2024
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Notification no. IFSCA/GN/2024/001., Dated 29.01.2024
The IFSCA has notified Payment Services Regulations, 2024. Now, any person seeking to provide Payment Services in or from IFSC shall require a certificate of authorisation under these regulations. An Applicant seeking authorisation to provide payment services is required to be incorporated as a Company with its registered office in IFSC.
Also, An Applicant or a Payment Service Provider shall ensure that its directors, Key Managerial Personnel and persons exercising control over it satisfy the “fit and proper requirements”.
As per the new norms, the Payment Service Provider is required to commence its operations within six months from the date of issuance of Certificate of Authorisation. The Payment Service Provider may submit an application for extension of time, if instructed to do so by way of a resolution passed by its board of directors, for commencing operations at least two months before the latest date of commencement.
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