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TMI BlogProcessing and Settlement of Export related receipts facilitated by Online Payment GatewaysX X X X Extracts X X X X X X X X Extracts X X X X ..... Online Payment Gateways have emerged as a popular mode of facilitating e-commerce transactions. Some of these Online Payment Gateway Service Providers (OPGSPs) have also been facilitating cross-border transactions. We have recently reviewed the service model provided by these OPGSPs with reference to the provisions of the Foreign Exchange Management Act (FEMA), 1999. It was observed that a few OPG ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gence of the OPGSP. (ii) This facility shall only be available for export of goods and services of value not exceeding USD 500 (US Dollar five hundred). (iii) AD Category-I banks providing such facilities shall open a NOSTRO collection account for receipt of the export related payments facilitated through such arrangements. Where the exporters availing of this facility are required to open not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... charging his obligations under the sale contract. (vi) The balances held in the NOSTRO collection account shall be repatriated and credited to the respective exporter's account with a bank in India immediately on receipt of the confirmation from the importer and, in no case, later than seven days from the date of credit to the NOSTRO collection account. (vii) AD Category -I banks shall satisfy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... zing their arrangement with the AD-Category-I banks and obtaining approval from the Chief General Manager, Reserve Bank of India, Foreign Exchange Department, Central Office, Fort, Mumbai 400 001 for this purpose. In respect of all new arrangements, the OPGSP shall open a liaison office with the approval of the Reserve Bank before operationalising the arrangement. 3. AD Category-I banks desiro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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