Payment Aggregator Cross Border (PA-CB)

Santhosh Kumar 02/11/2023

Payment Aggregator Cross Border (PA-CB) mind map with below nodes
Context
Reserve Bank of India (RBI) announcement
Direct regulation
Of entities facilitating cross border payment transactions
Payment Aggregators
Entities that enable
E-commerce sites and merchants
To accept various payment instruments
Without creating own systems
Payment Aggregator-Cross Border (PA-CB)
Facilitate cross-border online payments
For import and export
Of permissible goods and services
Categories
Export-only PA-CB
Import-only PA-CB
Export and import PA-CB
New RBI regulation
Authorised Dealer (AD) Category-I banks
No separate approval needed for PA-CB activity
Existing Non-banks providing PA-CB services
Must apply for RBI authorisation
By April 30, 2024
Must register with Financial Intelligence Unit-India (FIU-IND)
Minimum net worth requirements
Rs. 15 crore at time of applying
Rs. 25 crore by March 31, 2026
New non-bank PA-CBs
Minimum net worth
Rs 15 crore at application
Rs. 25 crore by end of 3rd financial year
Other conditions
Maximum value per unit
Rs. 25,00,000
Due diligence for imports exceeding Rs 2.5 lakh
Undertaken by PA-CB
Customer due diligence
Undertaken by the merchant
Proceeds from Export Collection Account (ECA)
Settled in merchant's account

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Categories: Banking

Tags: 2.11.2023, Newsbits

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