TaxTMI 
TaxTMI 
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....ent account; or b) the service (other than a cross‑border money transfer service) that enables money to be withdrawn from a payment account; (b) "Act" means the International Financial Services Centres Authority Act, 2019 (50 of 2019); (c) "agent" means any person who acts on behalf of a payment service provider in relation to the payment services provided by him; (d) "applicable funds" means- i. funds received by a payment service provider from, or for the benefit of, a payment service user for the execution of a payment transaction; and ii. funds received by a payment service provider from another payment service provider for the execution of a payment transaction on behalf of a ....
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.... iv. represents a claim on its issuer. Explanation: The term "e-money" does not include deposit from any person. (k) "e-money issuance service" means the service of issuing e-money to a payment service user for the purpose of allowing a payment service user to make payment transactions; (l) "escrow service" means the service provided by a payment service provider, under an agreement, whereby money is held by such payment service provider in an escrow account with an IFSC Banking Unit ('IBU') or an IFSC Banking Company ('IBC') on behalf of two parties that are in the process of completing a transaction; (m) 'group entities' means an arrangement involving two or more entities related to each other th....
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....oney but excludes virtual digital asset and any excluded digital representation of value as may be specified by the Authority. (t) "nodal bank" means an IFSC Banking Unit ('IBU') or an IFSC Banking Company ('IBC') identified by a payment service provider for maintenance of security deposits, if so specified by the Authority, or for holding of funds in escrow account or for any other purposes. (u) "nth-party service provider" means a service provider that is part of a third- party service provider's supply chain and supports the ultimate delivery of services to one or more payment service providers; (v) "payment account" means an account or facility (either in physical or electronic form) held in the name of on....
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....out any underlying obligations between the payer and payee; (ad) "regular payment service provider" means a Payment Service Provider, authorised under regulation 10 of these regulations, other than significant payment service provider; (ae) "safeguarding institution" means an IFSC Banking Unit ('IBU') or an IFSC Banking Company ('IBC'), as defined in clause (ec) and (eb), respectively, of sub-regulation (1) of regulation 2 of the International Financial Services Centres (Banking) Regulations, 2020. (af) "significant payment service provider" means any Payment Service Provider, who is designated as such under sub-regulation 4 of regulation 4 of these regulations; (ag) "specified foreign currency" means the....