Redemption of prepaid travel card balances required; issuers must refund unutilised amounts promptly subject to unsettled transactions and fees. Issuers of international prepaid/travel cards must redeem unutilised balances immediately on request, while retaining only amounts authorised but unclaimed/not settled by acquirers until settlement, a small retained balance for pipeline transactions pending settlement, and transaction fees/service tax payable in rupees; authorised persons may hold authorised but unsettled amounts only until processing within the prescribed settlement timeframe.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Redemption of prepaid travel card balances required; issuers must refund unutilised amounts promptly subject to unsettled transactions and fees.
Issuers of international prepaid/travel cards must redeem unutilised balances immediately on request, while retaining only amounts authorised but unclaimed/not settled by acquirers until settlement, a small retained balance for pipeline transactions pending settlement, and transaction fees/service tax payable in rupees; authorised persons may hold authorised but unsettled amounts only until processing within the prescribed settlement timeframe.
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