Surrender of payment service authorisation requires an application, regulatory assessment of ecosystem and user impacts, and an effective date.

Surrender of authorisation by a Payment Service Provider requires an application to the Authority in compliance with prescribed conditions and the Schedule III format. Permission depends on satisfaction that surrender is unlikely to materially adversely affect the IFSC financial ecosystem or Payment Service Users' interests. Permission may be subject to appropriate conditions, and a written order may specify the date from which authorisation ceases to have effect.

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