The International Financial Services Centres Authority (IFSCA), on November 27, 2025, notified regarding the Clarification on raising of Invoice by IFSC Insurance Offices.
The following has been stated namely: -
• IFSCA has received feedback and representations from IFSC Insurance Offices (‘IIOs’) regarding certain operational constraints faced by them, on account of raising of invoice in the currency of the underlying contract of reinsurance, while transacting through the IFSC Banking Units (IBUs).
• In this regard, it is hereby clarified as follows:- “An IIO transacting re-insurance business may raise invoice on Indian insurer(s), foreign insurer(s), re-insurer(s) or cedant(s) as the case may be, in the currency of the underlying contract of reinsurance, including in INR:
However, the realization of amount against such invoice, in the bank account of the IIO, maintained with any IBU shall be in the specified foreign currencies.
[Circular No. 103/IFSCA/Ins/CIRC/1/2021]
