{"id":23901,"date":"2019-09-05T19:00:03","date_gmt":"2019-09-05T13:30:03","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=23901"},"modified":"2019-09-06T12:30:51","modified_gmt":"2019-09-06T07:00:51","slug":"e-payments-facility-for-imports-with-opgsp","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/e-payments-facility-for-imports-with-opgsp\/","title":{"rendered":"RBI to Permit AD Category-1 Bank to Offer Facility of E-Payments for Imports with OPGSP"},"content":{"rendered":"

E-Commerce now-days are extremely important in our daily life and it is the demand of time, customers, business and nations. People are spending daily time more on the internet for work, study, marketing, business, learning, and entertainment. E-commerce has redefined the service segment. It has facilitated the ease of doing business transactions at both the national and international level. E-commerce is the foremost reason for the growth of the Internet. E-commerce sales are expected to grow up to 4 Trillion Dollars by 2020. Therefore, in order to regularize the control over such e-transactions, on 16 November 2010 Reserve Bank of India (RBI<\/strong>) vide its circular issued a set of guidelines to cover such e-commerce arrangements on “Processing and settlement of Exports related receipts facilitated by online Payment Gateways<\/strong>” with OPGSP.<\/p>\n\n\n\n

Overview<\/strong><\/h2>\n\n\n\n

In the circular, The Reserve Bank of India has decided to permit AD Category-l banks to offer a similar facility of payment for imports by entering into standing arrangements with the OPGSPs. This article at length discusses the new set of consolidated guidelines applicable to both the export and import transactions routed standing arrangement between AD Category-l and OPGSPs.<\/p>\n\n\n\n

Note-What is AD Category – I?<\/h2>\n\n\n\n

Authorized Dealer Category -I Banks are the banks which are authorized by the Reserve Bank to deal in foreign exchange for specified purposes. The conversion of currency notes, coins or travelers’ cheques designated in foreign currency into Indian Rupees and vice versa is possible in AD Category-I and can also to appoint franchisees to undertake the purchase of foreign currency.<\/p>\n\n\n\n

Further, before entering into standing arrangements the AD Category-I banks are firstly required to report the details of each such arrangement as and when entered into Foreign Exchange Department, Central Office, Reserve Bank of India, Mumbai. AD Category-I banks shall ensure the following below mentioned points in order to operationalize such arrangements-<\/p>\n\n\n\n