https://www.taxtmi.com/article/detailed?id=12038 The RBI now directly regulates entities facilitating online cross-border import and export payments as Payment Aggregator - Cross Border (PA-CB), requiring non-bank providers to obtain authorisation as payment system operators under the Payment and Settlement Systems Act, 2007. Existing non-bank PA-CBs must notify the RBI of intent to continue activities and apply for authorisation by the prescribed deadline; AD banks are not required to seek separate approval. The Regulations set net worth thresholds, classify PA-CB activities into import/export categories with prior approval required for additional activities, mandate merchant-led customer due diligence, and require export proceeds to be settled into merchant Export Collection Accounts. en-us Sat, 11 Nov 2023 11:53:35 +0530 Sat, 11 Nov 2023 11:53:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12038 The RBI now directly regulates entities facilitating online cross-border import and export payments as Payment Aggregator - Cross Border (PA-CB), requiring non-bank providers to obtain authorisation as payment system operators under the Payment and Settlement Systems Act, 2007. Existing non-bank PA-CBs must notify the RBI of intent to continue activities and apply for authorisation by the prescribed deadline; AD banks are not required to seek separate approval. The Regulations set net worth thresholds, classify PA-CB activities into import/export categories with prior approval required for additional activities, mandate merchant-led customer due diligence, and require export proceeds to be settled into merchant Export Collection Accounts. Articles Income Tax Sat, 11 Nov 2023 11:53:35 +0530 https://www.taxtmi.com/article/detailed?id=12038