Tag: Reserve Bank of India

In recent years, the digital payments space has grabbed eyeballs across India, with the upsurge in the use of debit cards, credit cards and UPI payments. The increase in the use of digital payments can be largely attributed to the increase in access to the internet, e-commerce websites, mobile applications and the pandemic that forced several individuals to shop online, even for basic necessities. ......

Amidst the rise in cases of financial data leaks in India, the Reserve Bank of India's ("RBI") efforts towards the adoption of a framework of tokenisation of cards in India have been appreciated by the industry. ......

Prepaid Payment Instruments or simply, PPIs, may sound like a mouthful, but they have become interspersed with our daily life, and indeed transformed the way we undertake everyday transactions. Without realising it, we rely on some form of PPI for paying even at the nearest kirana shop. The usage of such PPIs has been further enhanced during the pandemic as safety and the principle of least-contact became norms to live by. ......

On March 4, 2020, a three-judge bench of the Supreme Court of India ("Supreme Court") set aside the Reserve Bank of India’s ("RBI") circular dated April 6, 2018 ("Circular"), which prohibited entities regulated by the RBI from dealing in virtual currencies or providing services for facilitating any person or entity in dealing with or settling virtual currencies. The Supreme Court set aside the Circular on the ground of proportionality....

The Reserve Bank of India (RBI) vide a 2012 circular, stipulated that Indian companies which have received FDI and/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year, should file the annual return on Foreign Liabilities and Assets (FLA) in the soft form which can be duly filled-in, validated and sent by e-mail to the Reserve Bank by July 15 of every year. The coverage was enhanced to reporting of inward and outward foreign affiliate trade statistics (FATS) and reporting by the limited liability partnerships (LLPs) through the subsequent circulars....