Technology Law Hotline: RBI warms up to FinTechs for Cross-Border e-Commerce
Posted by By nishithadmin at 26 December, at 14 : 04 PM Print
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RBI WARMS UP TO FINTECHS FOR CROSS-BORDER E-COMMERCE
This article was first published by Mint on December 20, 2023.
SUMMARY
New regulations have been issued by the Reserve Bank of India (RBI) enabling non-bank entities to undertake cross-border payments for import/export of goods and services. These entities can now undertake transactions for foreign import of goods and services (and not just software). Payment gateways that currently handle international transactions and authorized collection agents might now need to obtain a license from the RBI. Registration under India’s anti-money laundering laws too has been brought about as a condition.
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DISCLAIMER
The contents of this hotline should not be construed as legal opinion. View detailed disclaimer.