The developments that have taken place in the area of cross-border payments, it has been decided to bring all entities facilitating cross-border payment transactions for the import and export of goods and services under direct regulation of the RBI. Such entities shall be treated as Payment Aggregator-Cross Border (PA-CB).
Entities, including Authorised Dealer (AD) banks, PAs and PAs-CB, involved in processing/settlement of cross-border payment transactions for import and export of goods and services, shall comply with these instructions.
Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12561&Mode=0
About the Author
