IFSCA plans payment regulations in GIFT City soon, says Chairperson K Rajaraman

The Chairperson of the International Financial Services Authority (IFSCA), K Rajaraman, announced plans to introduce payment regulations in the GIFT City within the next few months to facilitate instant payment settlements. Speaking at the Global Fintech Fest 2023, Rajaraman also mentioned ongoing efforts to establish a real-time gross settlement system within six months. He highlighted the growing presence of entities in GIFT City for aircraft and ship leasing, with regulatory adjustments in progress. Furthermore, he anticipated the completion of necessary procedures and amendments for listing companies on IFSC within the next three months, aiming to go live by the end of the year while collaborating with government ministries and regulatory bodies.