TaxTMI 
TaxTMI 
Safeguarding of money received from Payment Service User
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....r and Significant Payment Service Provider that carries on a business of providing any of the following payment services: (a) a cross-border money transfer service; (b) a merchant acquisition service; (c) any other payment service that may be specified by the Authority. (2) A Regular Payment Service Provider and a Significant Payment Service Provider mentioned above, ....
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....vice Provider that carries on a business of providing either of the following payment services: (a) an e-money issuance service; (b) any other payment service that may be specified by the Authority. (4) A Regular Payment Service Provider and a Significant Payment Service Provider mentioned in clause (3) above, shall ensure that from the time any applicable funds are received f....
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....the payment services listed in Part A of Schedule I. (6) A Regular Payment Service Provider and a Significant Payment Service Provider providing e-money issuance service shall ensure that the balance in the associated escrow account shall not, at the end of the day, be lower than the value of outstanding e-money issued and payments due to Payments Service Users. (7) Credits to the escrow acc....
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....a clause enabling the bank to use the money in the escrow account only for purposes mentioned in these regulations. (10) A Regular Payment Service Provider and a Significant Payment Service Provider providing e-money issuance service shall not : a) issue e-money at a premium or discount, i.e., issue e-money that has a monetary value different than the funds received; b) use th....