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The International Financial Services Centres Authority establishes the fee structure for IFSC Banking Units under Section 12 of the International Financial Services Centres Authority Act, 2019. The regulation sets an application fee of $1,000 and a one-time registration fee of $25,000 for new units. Annual fees scale with turnover, ranging from $25,000 to $100,000 based on defined thresholds. The fee structure applies from 01st October 2020 and is payable on a financial year basis. Banking Units must pay fees for the period between 01st October 2020 and 31st March 2021 and for the financial year 2021-22 within one month of the circular. For future years, units pay the annual fee within 30 days from the beginning of the financial year.
What you must do
Key dates
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Ask about this circular
[Image omitted. See the official document.]
International Financial Services Centres Authority
F.No.276/.IFSCA/Banking Supervision/2021-22/1
May 11, 2021
To, All Banking Units
Dear Sir/Madam,
Subject: Fee structure for IFSC Banking Units
The above fee structure is applicable from 01st October 2020 and payable on financial year basis.
The fees payable for the period 1st October 2020 to 31st March 2021 and financial year 2021-22 shall be paid by the BUs within one month of this circular.
From next financial year onwards, the annual fee shall be payable within 30days from the beginning of financial year.
BUs will be advised separately, the fee payable by them.
BUs are directed to ensure compliance.
Yours faithfully
(ESSR Ramachander)
Head – Banking Supervision
Dy. General Manager
ramachander.essr@ifsca.gov.in
