Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: form 3cd :: VAT Audit :: Central Excise rule to resale the machines to a new company :: TDS :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: empanelment :: ACCOUNTING STANDARDS
 
 
« Latest Circulars »
 RBI to conduct 7 day, 14 day and 28 day Variable Rate Reverse Repo Auctions under LAF on May 18, 2017
 RBI to conduct 7 day, 14 day and 28 day Variable rate Reverse Repo auctions under LAF on May 17, 2017
 RBI-Direct Recruitment of ‘Chief Financial Officer’ in the rank of Executive Director in Reserve Bank of India
 Auction of Government of India Dated Securities May 15, 2017
 Direct Recruitment of ‘Chief Financial Officer’ in the rank of Executive Director in Reserve Bank of India
 RBI to conduct 7 day Variable Rate Reverse Repo Auction under LAF on May 15, 2017
 GST implementation to have far reaching implications for the Indian Economy RBI releases State Finances: A Study of Budgets of 2016-17
 Submission of Statutory returns (SLR-Form VIII) in XBRL platform
  RBI’s Monthly Bulletin for May 2017
 RBI- National Electronic Funds Transfer (NEFT) system – Settlement at half-hourly intervals
 RBI-Bharat Bill Payment System (BBPS) – Extension of timeline

RBI-Issuance and Operation of Pre-paid Payment Instruments in India Consolidated Revised Policy Guidelines
March, 29th 2014

RBI/2013-14/547
DPSS.CO.PD.No.2074/02.14.006/2013-14

March 28, 2014

All Prepaid Payment Instrument Issuers, System Providers, System Participants
and all other Prospective Prepaid Payment Instrument Issuers

Madam / Dear Sir

Issuance and Operation of Pre-paid Payment Instruments in India – Consolidated Revised Policy Guidelines

To regulate the issue and operation of Pre-paid Payment Instruments, in exercise of the powers conferred under Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007) Reserve Bank of India had laid out the guidelines for issuance of prepaid instruments by banks and non-banks entities vide circular DPSS.CO.PD.No.1873/02.14.06/2008-09 dated April 27, 2009. The instructions have been revised from time to time since then. The developments in the pre-paid payment instrument segment had necessitated a comprehensive review of guidelines issued so far. It was also desirable that all instructions on pre-paid payment instruments are made available at one place. Accordingly, the guidelines have been revised and consolidated in consultation with stake holders. The changes being introduced are given in Annex.

2. This Circular, issued under Section 10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007) contains guidelines on the general type of pre-paid payment instruments that can be issued by banks and non-bank entities, as well as guidelines on specific types of pre-paid payment instruments that have been permitted for issuance, such as, co-branded cards, pre-paid gift instruments, pre-paid instruments issued by banks to government organisations / financial institutions / corporate for specific purposes, as well as pre-paid instruments issued by banks for crediting cross border inward remittances.

3. Reference is also made to our guidelines on Domestic Money Transfer-Relaxations issued vide our circular RBI/2011-12/213 DPSS.PD.CO.No.62/02.27.019/2011-2012 dated October 05, 2011 where relevant.

4. This Circular supersedes all the earlier circulars issued on the subject.

Yours faithfully,

(Vijay Chugh)
Chief General Manager

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions