Payment Aggregator Cross Border (PA-CB)

Santhosh Kumar 02/11/2023
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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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