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Technology Law Hotline: RBI warms up to FinTechs for Cross-Border e-Commerce

Technology Law Hotline: RBI warms up to FinTechs for Cross-Border e-Commerce

Posted by By at 26 December, at 14 : 04 PM Print


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December 26, 2023

RBI WARMS UP TO FINTECHS FOR CROSS-BORDER E-COMMERCE


This article was first published by Mint on December 20, 2023.


SUMMARY

New regulations have been issued by the Reserve Bank of India (RBI) enabling non-bank entities to undertake cross-border payments for import/export of goods and services. These entities can now undertake transactions for foreign import of goods and services (and not just software). Payment gateways that currently handle international transactions and authorized collection agents might now need to obtain a license from the RBI. Registration under India’s anti-money laundering laws too has been brought about as a condition.

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Chambers and Partners Asia Pacific 2024: Top Tier for Tax, TMT, Employment, Life Sciences, Dispute Resolution, FinTech Legal

Legal 500 Asia Pacific 2023: Top Tier for Tax, TMT, Labour & Employment, Life Sciences & Healthcare, Dispute Resolution

Benchmark Litigation Asia Pacific 2023: Top Tier for Tax, Labour & Employment, International Arbitration

AsiaLaw Asia-Pacific 2023: Top Tier for Tax, TMT, Investment Funds, Private Equity, Labour and Employment, Dispute Resolution, Regulatory, Pharma

IFLR1000 2024: Top Tier for M&A and Private Equity

FT Innovative Lawyers Asia Pacific 2019 Awards: NDA ranked 2nd in the Most Innovative Law Firm category (Asia-Pacific Headquartered)

RSG-Financial Times: India’s Most Innovative Law Firm 2019, 2017, 2016, 2015, 2014


DISCLAIMER

The contents of this hotline should not be construed as legal opinion. View detailed disclaimer.

This Hotline provides general information existing at the time of preparation. The Hotline is intended as a news update and Nishith Desai Associates neither assumes nor accepts any responsibility for any loss arising to any person acting or refraining from acting as a result of any material contained in this Hotline. It is recommended that professional advice be taken based on the specific facts and circumstances. This Hotline does not substitute the need to refer to the original pronouncements.

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