Requires a licence to operate a payment system, issue payment instruments or provide payment services (s. 6), and regulates electronic money issuance (s. 47) with trust accounts for e-money funds (ss. 49-50) that are protected from attachment (s. 52). Section 16 provides for the regulatory sandbox framework. The text read does not mention virtual currency.
The Reserve Bank of India imposed a monetary penalty of ₹3.10 lakh on Ola Financial Services Private Limited for non-compliance with KYC directions under the Payment and Settlement Systems Act, 2007. Following a…
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