Direct Tax Services
Audit
Consulting
ESG Advisory
RBI Services
SEBI Services
IRDA Registration
FEMA Advisory
Compliances
IBC Services
VCFO Services
Growing
Developing
ME-1
ME-2
EU-1
EU-2
SE
Others
Select Your Location
Table of Contents
Semi-Closed Wallet Registration – All non-banking entities looking to issue such instruments shall seek authorization from RBI under the Payment and Settlement Systems Act of India, 2007. Banks and Registered NBFC’s seeking to issue such instruments shall seek approval from Department of Payment & Settlement’s system, RBI.
● Encashment is not permitted
● Use of service for payment of any other goods & services is not permitted.
Also, Entities issuing prepaid payment instruments shall maintain a log of all the transactions undertaken using these instruments. The database should be available for scrutiny by the Reserve Bank or any other agency/agencies as may be advised by the Reserve Bank. These entities should also file Suspicious Transaction Report (STR) to Financial Intelligence Unit – India (FIU-IND).
The prepaid payment instruments issuers shall put in place adequate information and data security infrastructure, and systems for the prevention and detection of frauds. It is advisable to build a centralized database to prevent multiple purchases of payment instruments at different locations, leading to circumvention of limits if any prescribed for such payment instruments. Semi-Closed Wallet Registration
Semi-Closed Wallet Registration In order to ensure timely settlement, issuers shall invest the funds provided therein.
● interest is payable by the bank on such balances.
● A quarterly certificate from the auditors shall be submitted certifying, the entity has been maintaining adequate balances in the account to cover the outstanding volume of payment instruments issued.
● The entity shall also submit an annual certificate, as above, coinciding with the accounting year of the entity to the Reserve Bank of India.
● Adequate records indicating the daily position of the value of instruments outstanding vis-à-vis balances maintained with the banks in the escrow accounts shall be made available for the scrutiny to the Reserve Bank or the bank where the account is maintained on demand.
● Helpline or customer care no.
● Website URL
● Validity
● Terms & Conditions
● Charges and fees associated with
Experienced Finance and Legal Professional with 12+ Years of Experience in Legal, Finance, Fintech, Blockchain, and Revenue Management.
Many investors use fixed deposits as their primary investment vehicle. Investors with a high-ri...
The main idea of CDS, which was initially to give banks a way to transfer credit exposure, has...
Black money has been the subject of heated political debate in India for a long time. Successiv...
The Apex Court pronounced a judgement in the case titled Tata Motors Vs The Brihan Mumbai Elect...
Since economies are moving towards digitalisation and making it feasible to conduct transaction...
The Alternative Investment Funds (AIFs) Pro-rata and Pari-Passu Rights Proposal Consultation Pa...
The Financial Action Task Force, i.e. FATF (the Force), is the global money laundering and terr...
Advance tax refers to the payment of the tax liability before the end of the relevant financia...
On 11.12.15, the Hon’ble Delhi High Court (HC) pronounced a landmark judgement in the case ti...
Money laundering can be defined as the process of illegal concealment of the origin of money ob...
Are you human?: 3 + 8 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
The Reserve Bank of India has made numerous initiatives to facilitate payments and make transactions tech-savvy, wh...
06 Mar, 2023
PPI (Pre-paid Payment Instruments) is one of the payment instruments that enable the transactions like buying of go...
11 Jan, 2018
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
Stay updated with all the latest legal updates. Just enter your email address and subscribe for free!
Chat on Whatsapp
Hey I'm Suman. Let's Talk!