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The application has to be submitted with supporting documents to IFSCA by September 15, the regulator said in a statement on Tuesday. If found satisfied, IFSCA would grant an in-principle approval to operate in its regulatory sandbox environment until a certain period of time, following which regular operations would be allowed.
Eligible entities which are interested in setting up and operating the International Trade Financing Services (ITFS) at Gujarat International Finance Tec-City (GIFT), in Gandhinagar, Gujarat, have been invited for applications from the International Financial Services Centers Authority (IFSCA). The application has to be submitted with supporting documents to IFSCA by September 15, the regulator said in a statement on Tuesday. If found satisfied, IFSCA would grant an in-principle approval to operate in its regulatory sandbox environment until a certain period of time, following which regular operations would be allowed.
ITFS to facilitate exporters and importers
IFSCA said that once entities are fully operational, they would play a key role in arranging credit for exporters and importers by means of factoring, forfaiting and other trade financing services.
It also added that the platform would be leveraged by exporters and importers for availing trade finance services across the world, making GIFT a preferred location for international trade financing.
It also said that ITFS would help exporters and importers in accessing multiple financiers, to facilitate their trade finance requirements.