In exercise of the powers conferred by subsection 1 of Section 12 read with subsection

REGD. No. D. L.-33004/99 The Gazette of India CG-GJ-E-09042024-253613 EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 242] NEW DELHI, MONDAY, APRIL 8, 2024/CHAITRA 19, 1946 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 2nd April, 2024 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (PAYMENT SERVICES) (AMENDMENT) REGULATIONS, 2024 IFSCA/GN/2024/002.—In exercise of the powers conferred by sub-section (1) of Section 12 read with sub- section 1 of section 28 of the International Financial Services Centres Authority Act, 2019 (50 of 2019), the International Financial Services Centres Authority hereby makes the following regulations further to amend the International Financial Services Centres Authority (Payment Services) Regulations, 2024 (hereinafter referred to as the Principal Regulations), namely: - 1. (i) These regulations may be called the International Financial Services Centres Authority (Payment Services) (Amendment) Regulations, 2024. (ii) They shall come into force on the date of their publication in the Official Gazette. 2. In regulation 2 of the Principal Regulations for clause (1) of sub-regulation (1) the following clause shall be substituted, namely: "(1) "escrow service" means the service provided by a payment service provider, under an agreement, whereby money is held by such payment service provider in an escrow account with an IFSC Banking Unit ('IBU') or an IFSC Banking Company (‘IBC') for and on behalf of one or more parties that are in the process of completing a transaction; K. RAJARAMAN, Chairperson [ADVT.-III/4/Exty./011/2024-25] Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.