IFSCA has laid down the following policies for IBUs participating in international payment systems:
- IBUs may participate as/be members of international payment systems for making or receiving payments to/from banks/financial institutions outside IFSC without prior approval of the Authority.
- An international payment system that permits IBUs to make or receive payments among themselves, thereby affecting domestic (i.e. IFSC) transactions, would require authorisation from the Authority.
- IBUs may participate as/be members of international payment systems for making or receiving payments with other IBUs, without prior approval of the Authority.
The Authority hereby directs every IBU to review its participation in the international payment systems in light of the aforementioned policies and intimate the Department of Banking Supervision about its compliance with the same within 30 days from the date of this circular.
