Source: Reserve Bank of India
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The Reserve Bank of India, in exercise of the powers conferred on it under Section 8 of the Payment and Settlement Systems Act, 2007, has revoked the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO):
Sr.
No. |
Entity’s Name |
Registered Office Address |
CoA No. & Date |
Payment System Authorised |
Date of Revocation |
Reason for Revocation |
| 1. |
UAE Exchange Centre LLC (UAEEC) |
UAE Exchange Centre LLC, P.O No. 13304, Building of Nassar Bin Abdul Latiff Naif Street Deira, Dubai, U A E |
No. 16/2009 dated
September 30, 2009 |
Cross border in-bound money transfer operator (customer to customer) as ‘Overseas Principal’ under the Master Direction on Money Transfer Service Scheme (MTSS Master Direction) |
October 10, 2024 |
Non – compliance with regulatory requirements |
Following the revocation of CoA, UAEEC cannot transact the business of cross border in-bound money transfer as ‘Overseas Principal’ under Master Direction on Money Transfer Service Scheme.
(Puneet Pancholy)
Chief General Manager
Press Release: 2024-2025/1371
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