Tuesday, September 21, 2021

International Financial Services Centres Authority issues framework for Setting up and operating ITFS Platform

International Financial Services Centres Authority has issued a framework for Setting up and operating International Trade Finance Services Platform (ITFS). ITFS will provide Trade Finance Services at International Financial Services Centres. Finance Ministry has said that the framework will enable Exporters and Importers to avail various types of trade finance facilities at competitive terms for their international trade transactions through a dedicated electronic platform.

This will help in their ability to convert their trade receivables into liquid funds and to obtain short-term funding. It said that this framework will provide an opportunity to the participants to avail trade finance facilities for trade transactions such as Export Invoice Trade Financing, Reverse Trade Financing, Bill discounting under Letter of Credit, Supply Chain Finance for Exporters, Export Credit (Packing Credit), Insurance and Credit Guarantee, Factoring and any other eligible product on the ITFS platform.

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