International Financial Services Centres Authority

In exercise of the powers conferred by Section 12 of the International Financial Services Centres Authority Act,

Issue Date: 08 January 2026 Published: 09 January 2026

Gazette ID: CG-GJ-E-09012026-269244 Download PDF

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Core Purpose

The International Financial Services Centres Authority specifies operating lease, including any hybrid of operating and financial lease, in respect of "oilfield equipment" as a financial product.

Detailed Summary

The International Financial Services Centres Authority, exercising powers conferred by Section 12 of the International Financial Services Centres Authority Act, 2019 (50 of 2019), read with notification number S.O. 5199(E), dated December 14, 2021, issued by the Ministry of Finance, Government of India, specifies operating lease, including any hybrid of operating and financial lease, in respect of "oilfield equipment" as a financial product. For the purpose of this notification, "oilfield equipment" means goods used in connection with an oilfield, as specified in the list annexed to the table in Notification No. 3/2017-Central Tax (Rate), dated June 28, 2017, issued by the Government of India under G.S.R. 675(E). The expression "oilfield" retains the meaning assigned in clause (e) of section 3 of the Oilfields (Regulation and Development) Act, 1948 (53 of 1948). This notification, issued from Gandhinagar on January 5, 2026, and signed by Praveen Trivedi, Executive Director, comes into force on its date of publication in the Official Gazette, which is January 8, 2026.

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-GJ-E-09012026-269244 EXTRAORDINARY PART III-Section 4 PUBLISHED BY AUTHORITY No. 21] NEW DELHI, THURSDAY, JANUARY 8, 2026/PAUSHA 18, 1947 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III-SEC.4] INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 5th January, 2026 F. No. IFSCA/GN/2026/001.—In exercise of the powers conferred by Section 12 of the International Financial Services Centres Authority Act, 2019 (50 of 2019), read with notification number S.O. 5199(E), dated the December 14, 2021, issued by the Ministry of Finance, Government of India, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated the December 14, 2021, the Authority hereby specifies operating lease, including any hybrid of operating and financial lease, in respect of “oilfield equipment” as a financial product. Explanation- For the purpose of this notification – i. the expression "oilfield equipment” shall mean the goods, used in connection with an oilfield, as specified in the list annexed to the table provided in the Notification No. 3/2017-Central Tax (Rate), dated the June 28, 2017, issued by the Government of India, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), under G.S.R. 675(E). ii. the expression “oilfield” shall have the same meaning as assigned to it in clause (e) of section 3 of the Oilfields (Regulation and Development) Act, 1948 (53 of 1948); and 2. This notification shall come into force on the date of publication in the Official Gazette. PRAVEEN TRIVEDI, Executive Director [ADVT.-III/4/Exty./597/2025-26]

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