Archive · 1 Jan 2026
IFSCA Notifies Global In-House Centre Regulations
The International Financial Services Centres Authority (IFSCA) has announced new rules for Global In-House Centres (GIC) in IFSCs.
These rules aim to make IFSCs important places for financial services, create jobs, and bring back financial services that are currently done outside India.
A GIC Unit is a part of a financial group set up in an IFSC.
It must follow certain rules, like having honest and trustworthy people in charge.
The services provided by GIC Units are for non-resident entities in countries that follow certain financial rules.
These units will work in foreign currencies but can have an Indian Rupee account for expenses.
They will report their financial information in US dollars.
IFSCA has notified regulations to operationalise Global In-House Centres (GIC) in IFSCs.
GIC Units are set up by financial institution groups in IFSCs and can operate under various models.
Entities and key personnel must meet 'fit and proper' norms, ensuring fairness and integrity.
Permissible services are defined for non-resident entities in FATF-compliant jurisdictions.
GIC Units will conduct operations in specified foreign currencies and report financially in US dollars.
- Who
- International Financial Services Centres Authority (IFSCA)
- What
- Notification of regulations for Global In-House Centres (GIC) in IFSCs
- When
- January 1, 2026
- Where
- International Financial Services Centres (IFSCs)
- Why
- To develop IFSCs as global hubs for financial services and generate employment opportunities
- Authority
- International Financial Services Centres Authority (IFSCA)
- Objective
- Develop IFSCs as global hubs for financial services
- GIC Unit
- Unit set up in IFSC by a financial institution group
- Operating Models
- Captive Centre, Build-Operate-Transfer, Joint Venture, Hybrid
- Fit and Proper Norms
- Entity and key personnel must maintain fairness and integrity
- Permissible Services
- Services to non-resident entities in FATF-compliant jurisdictions
- Currency
- Operations in specified foreign currencies, INR account for expenses
- Reporting
- Financial reporting in US dollars unless specified otherwise
