TaxTMI 
TaxTMI 
International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024
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....ub-section (2) of section 38 of the Payments and Settlement Systems Act, 2007 (51 of 2007), the International Financial Services Centres Authority hereby makes the following regulations namely: - CHAPTER I PRELIMINARY 1. Short title and commencement. - (1) These regulations may be called the International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024. (2) They shall come into force on the date of their publication in the Official Gazette. 2. Objective. - These regulations lay down the process of authorisation and operations of Payment Systems in International Financial Services Centres. 3. Definitions. - (1) In these regulations, unless the context otherw....
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....y statutory modification or re-enactment thereto, as the case may be. CHAPTER II AUTHORISATION OF PAYMENT SYSTEMS 4. Application for authorisation for commencing or carrying on a Payment System. - (1) Every person desirous of commencing or carrying on a Payment System in an International Financial Services Centre (hereinafter referred to as 'applicant') shall submit an application under sub-section (1) of Section 5 of the Act to the Authority for grant of authorisation under sub-section (1) of section 7 of the Act. (2) The application under sub-regulation (1) shall be made in such form and manner as may be specified by the Authority. (3) The application under sub-regulation (1) shall be accompanie....
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....to furnish a security deposit under clause (d) of sub-section (2) of Section 7 of the Act of such amount as may be specified by the Authority. 7. Exemption from Authorisation. - (1) An application for exemption under proviso (d) to sub-section (1) of section 4 of the Act shall include the rationale under which such exemption is being sought. (2) The Authority shall, after due consideration of the information provided in the application and any other information that may be available with it, decide to accept, with or without conditions or reject the request for exemption and communicate the same to the applicant within a period of ninety days from the date of application. CHAPTER III COMPLIANCE WITH THE STANDARDS ....
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....rovided that the Authority may, on an application made by the System Provider, extend the said period of three months for furnishing of returns by a further period not exceeding three months. (2) The System Provider shall also publish a copy of its balance sheet, profit and loss account and Auditor's report submitted to the Authority under sub-regulation (1), on its website. CHAPTER VI MISCELLANEOUS 12. Power to relax strict enforcement of the regulations (1) The Authority, for reasons to be recorded in writing, may in the interest of development of financial market in International Financial Services Centre, relax the strict enforcement of any requirements of these regulations. (2) For seeking relaxa....