IFSCA circular E.File.no.IFSCA-FMPP0BR/6/2024-Banking · 03 Oct 2025
Official title
Foreign Currency Settlement System - Notification of Bye-laws, Rules and Regulations
Summary
Check the official recordThe International Financial Services Centres Authority has authorized CCIL IFSC Limited (CIL) to operate a Foreign Currency Settlement System in GIFT IFSC under the Payment and Settlement Systems Act, 2007, and the IFSCA (Payment and Settlement Systems) Regulations, 2024. The Authority has formally notified the Bye-Laws, Rules, and Regulations prepared by CIL to govern the operations of this settlement system. Financial institutions operating within the IFSC are directed to refer to these governing documents, which are accessible via the CIL website under the 'Legal Framework' section.
What you must do
Key dates
Who is affected
[Logo: International Financial Services Centres Authority]
CIRCULAR
E.File.no.IFSCA-FMPP0BR/6/2024-Banking
October 3, 2025
To, All Financial Institutions in IFSC
Dear Sir/Madam,
Foreign Currency Settlement System - Notification of Bye-laws, Rules and Regulations
The Authority has authorised CCIL IFSC Limited (“CIL”) under the provisions of Section 7 of the Payment and Settlement Systems Act, 2007, and regulation 6 of the International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024, read with Section 12 and Section 13 of the International Financial Services Centres Authority Act, 2019 to operate a payment system for settlement of transactions in foreign currency to be called the ‘Foreign Currency Settlement System’ in GIFT IFSC.
In exercise of the powers conferred under sub-section 1 of section 10 of the Payment and Settlement Systems Act, 2007 and regulation 9 of the International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024 read with Section 12 and Section 13 of the International Financial Services Centres Authority Act, 2019, the Authority hereby notifies the Bye-Laws, Rules and Regulations prepared by CIL as the regulation, guideline, instruction or direction governing the operations of the Foreign Currency Settlement System.
The said Bye-Laws, Rules and Regulations may be accessed through the website of CIL (https://ccilifsc.co.in) under the heading “Legal Framework”.
Yours faithfully
(Supriyo Bhattacharjee) Chief General Manager Department of Banking Regulation
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