Payment Aggregator Cross Border (PA-CB)

Payment Aggregator Cross Border (PA-CB) mind map with below nodes
    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
      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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