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ARTICLE · 26 APRIL 2024

Deciphering The Recently Notified Ifsca (Payment Services) Regulations 2024

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On 29 January 2024, the International Financial Services Centres Authority notified the International Financial Services Centres Authority Regulations, 2024 with the intention of governing and regulating payment services in International Financial Services Centres.

IndiaFinance and Banking
Moin Ladha
Moin Ladha
Charu Singh
Charu Singh
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Introduction

On 29 January 2024, the International Financial Services Centres Authority (IFSCA) notified the International Financial Services Centres Authority (Payment Services) Regulations, 2024 (PS Regulations) with the intention of governing and regulating payment services in International Financial Services Centres (IFSC).

We have analysed the key provisions of the PS Regulations below:

KEY REGULATIONS

Applicability

The PS Regulations are applicable to any person seeking to provide payment services in or from IFSC. The term "payment services" includes the following activities: (i) account issuance service (including e-money account issuance service); (ii) e-money issuance service; (iii) escrow service; (iv) cross border money transfer service; and (v) merchant acquisition service. Any person undertaking these activities is required to obtain a certificate of authorisation for operating as a payment service provider (PSP).

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