Revised Fee structure for IFSC Banking Units

The International Financial Services Centers Authority through May 11, 2021 has issued following revised Fee structure for IFSC Banking Units:

1. Application fee for new BUs shall be $1,000.
2. One-time registration fee for new BUs shall be $25,000

Annual fee based on turnover is as follows:

1. BUs having turnover up to $1Bn: $25,000
2. BUs having turnover up to $3Bn: $50,000
3. BUs having turnover >$3Bn:$100,000

The above fee structure is applicable from 01st October 2020 and payable on financial year basis. The fees payable for the period 1st October 2020 to 31st March 2021 and financial year 2021-22 shall be paid by the BUs within one month of this circular. From next financial year onwards, the annual fee shall be payable within 30 days from the beginning of financial year.