Cross-border payment facilitation via online gateways permitted with bank due diligence and segregated collection accounts ensuring compliance and fund sweep. AD Category-I banks may enter standing arrangements with OPGSPs to process import and export payments subject to due diligence, separate Export and Import Collection accounts, appropriate purpose codes, reporting to the Reserve Bank, quarterly reconciliation and audit, and adherence by foreign OPGSPs to liaison office approval, IT law compliance, dispute resolution, refund reserves and seller onboarding procedures. Import and export collections are limited to prescribed transaction values with specified permitted credits and debits; NOSTRO collection accounts must be used for exports and funds swept into Indian export collection accounts and exporter accounts within prescribed timelines.
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.
Cross-border payment facilitation via online gateways permitted with bank due diligence and segregated collection accounts ensuring compliance and fund sweep.
AD Category-I banks may enter standing arrangements with OPGSPs to process import and export payments subject to due diligence, separate Export and Import Collection accounts, appropriate purpose codes, reporting to the Reserve Bank, quarterly reconciliation and audit, and adherence by foreign OPGSPs to liaison office approval, IT law compliance, dispute resolution, refund reserves and seller onboarding procedures. Import and export collections are limited to prescribed transaction values with specified permitted credits and debits; NOSTRO collection accounts must be used for exports and funds swept into Indian export collection accounts and exporter accounts within prescribed timelines.
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