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ARTICLE · 07 NOVEMBER 2025

GIFT City Updates (October 2025)

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On October 3, 2025, a circular was issued by the International Financial Services Centres Authority (IFSCA) to all financial institutions in GIFT IFSC...

GlobalFinance and Banking
Hammurabi & Solomon
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CIRCULARS

  • Foreign Currency Settlement System - Notification of Bye-laws, Rules and Regulations

On October 3, 2025, a circular was issued by the International Financial Services Centres Authority (IFSCA) to all financial institutions in GIFT IFSC, providing CCIL IFSC Limited (CIL) with authorization to establish a Foreign Currency Settlement System for the settlement of foreign currency transactions in GIFT City. The authorization has been given under Section 7 and Section 10 of the Payment and Settlement Systems Act, 2007, in conjunction with Regulation 6 and Regulation 9 of the IFSCA (Payment and Settlement Systems) Regulations, 2024, as well as Section 12 and Section 13 of the IFSCA Act, 2019. In addition, the Authority has formally notified the Bye - Laws, Rules and Regulations prepared by CIL to govern the operational framework, compliance framework, risk management framework and instructions of the system, available in the "Legal Framework" section of

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