The International Financial Services Centres Authority (“IFSCA”), in exercise of powers conferred under Section 12 and Section 13 of the IFSCA Act 2019, vide Circular No. F. No. IFSCA/24/2024-Banking-FC/02,[1] dated June 09, 2025, introduced certain amendments to the Framework for Finance Company/ Finance Unit undertaking the activity of Global/ Regional Corporate Treasury Centres (“GRCTC Framework”), issued under an IFSCA Circular dated April 04, 2025. The provisions laid hereunder shall come into effect immediately.
This GRCTC Framework governs the establishment and operations of Global/ Regional Corporate Treasury Centres in the International Financial Services Centres (IFSCs).
This amendment introduces a new provision under Clause 3(2)(ii) of the GRCTC Framework, allowing the Chairperson of IFSCA, to grant a temporary relaxation from specific conditions in the GRCTC Framework. This relaxation can be requested by the applicant, based on the activities they propose to undertake, and the business volume expected. Importantly, this relaxation is time-limited to a period not exceeding 1 (one) year from the commencement of operations.
[1] https://ifsca.gov.in/Viewer?Path=Document%2FLegal%2Famendment-to-grctc-circular-june-09-2025-final-09062025034224.pdf&Title=Amendment%20to%20the%20%E2%80%98Framework%20for%20Finance%20Company%2FFinance%20Unit%20undertaking%20the%20activity%20of%20Global%2F%20Regional%20Corporate%20Treasury%20Centres%E2%80%99&Date=09%2F06%2F2025