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

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

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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