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The International Financial Services Centres Authority clarifies the due date for recognition of Non-Performing Assets under the guidelines on factoring and forfaiting of receivables. The due date is 90 days from the specified due date for payment. This clarification applies to all IFSC Banking Units, Finance Companies, Finance Units, and participants on the ITFS platform in the International Financial Services Centre.
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[Image omitted. See the official document.]
CIRCULAR
F. No 172/ IFSCA/Finance Company Regulation/2023-24/1
May 22, 2023
To: All IFSC Banking Units (IBUs)/ Finance Companies/ Finance Units/ Participants on ITFS platform in the International Financial Services Centre (IFSC)
Guidelines on Factoring and Forfaiting of Receivables - Clarification
Reference is drawn to the circular No 172/ IFSCA/ Finance Company Regulations/ 2021-22/10 titled 'Guidelines on Factoring and Forfaiting of Receivables' (hereinafter referred to as "said circular") issued by the International Financial Services Centres Authority (hereinafter referred to as "Authority") on August 17, 2021. The Authority has received requests seeking for clarification on the due date applicable for recognition of Non-Performing Assets, as specified in clause 24.1 of the said circular.
In view of the same, it is clarified that the due date as mentioned in the said clause shall be considered as 90 days from the specified due date for payment.
A copy of this circular is available on the website of the Authority at www.ifsca.gov.in/circular.
Yours faithfully,
R. Kumar General Manager rag.kumar@ifsca.gov.in
