The Reserve Bank of India (RBI) on October 31, 2023, issued a circular regarding the Regulation of Payment Aggregator – Cross-Border
This has a reference to the Draft circular on processing and settlement of small value export and import-related payments facilitated by Online Export-Import Facilitator dated April 07, 2022
The following has been stated namely: -
• It states that the guidelines have been redrafted taking into consideration the feedback received on the April 07, 2022 draft circular and from the perspective of Payment Systems.
• It has proposed to regulate entities facilitating payment and settlement for online cross-border export/import transactions as Payment Aggregators – Cross Border (PA-CB)
• The detailed circular on the Regulation of PA-CB has been attached for reference
[Press Release: 2023-2024/1212]
