RBIによるクロスボーダー決済アグリゲーター（PA-CB）規制

With expanded globalization, online cross-border transactions are not limited to business entities only. Rather, an end consumer is also obtaining products and services from a person sitting in another country with payments done through online gateways. In such a scenario, it is mandatory to control and protect the payment gateways that facilitate payments across borders.

RBI initially issued different circulars to manage the Processing and Settlement of export and import-related proceeds. However, Keeping in view the developments in 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 will be treated as Payment Aggregators- Cross Border (PA-CB). Regulations for PA-CB were issued by RBI through document No. RBI/2023-24/80 CO.DPSS.POLC.No.S-786/02-14-008/2023-24 Dated 31st October 2023.

Read Also: Guidelines on Payment Aggregator and Payment Gateways: Meaning, Authorisation & Capital Requirement

As per circular, the following are the regulations applicable to PA-CB:

1. Meaning of Payment Aggregator- Cross-Border

• PAs-CB are entities that facilitate electronic cross-border payment for the import and export of permissible goods and services.
• For this purpose, PAs are required to maintain an ‘escrow account’ wherein PAs aggregate the amount collected on behalf of the merchants on-boarded by them.

2. Requirement of authorisation

• AD Category-I banks do not require separate approval from the RBI for undertaking PA-CB activity.
• Non-banks providing PA-CB services on the date of issuance of the circular are required to obtain authorisation from RBI by April 30, 2024. Such entities were allowed to continue such services till they received communication from the RBI regarding the decision on their application. 
• Authorisation for PA-CB activity shall be sought for any one of the following categories:
  • Export only PA-CB (PA-CB-E)
  • Import only PA-CB (PA-CB-I)
  • Export and Import PA-CB (PA-CB- E&I)

• Any authorised PA which wants to commence PA-CB activity as well shall seek approval from DPSS, RBI, and CO before the commencement of such business. 
• This authorisation shall also be applicable for any authorised non-bank PA-CB which wants to commence PA activity. 
• Therefore, a single authorisation will be required by a non-bank to undertake PA and PA-CB activity. 
• If an authorised PA-CB desires to change its activity for which authorisation is sought earlier then it shall inform DPSS, RBI, and CO at least 60 calendar days before the commencement of business in such new activity category. 
• It shall commence the new business only after approval from RBI for the same.
• As a pre-requisite for seeking authorisation from the RBI, all non-bank PA-CBs (existing as of the date of this circular) shall register themselves with the Financial Intelligence Unit-India (FIU-IND).

3. Net Worth Criteria

The entities seeking approval as PA-CB shall be required to comply with the following net worth Criteria:

1. Existing PA-CB, i.e, Non-Bank providing PA-CB services on the date of circular:

2. New non-bank PA-CBs:

3. Other points
   1. Existing non-bank PA-CBs shall submit a certificate from their statutory auditor along with an audited statement(s) of the latest financial accounts, to evidence the network. 
   2. Newly incorporated non-bank PA-CBs shall submit a certificate from their statutory auditor regarding the current net worth along with a provisional balance sheet.
   3. All existing non-bank PA-CBs which are not able to comply with the net worth requirement or do not apply for authorisation within the stipulated time frame shall wind up PA-CB activity by July 31, 2024.
   4. Banks shall close accounts of existing non-bank PA-CBs by July 31, 2024, unless the PA-CBs produce evidence regarding the application for authorisation submitted to the RBI.

4. Categories of PA-CBs

4.1 Import only PA-CBs

• Import-only PA-CB shall maintain an Import Collection Account (ICA) with an AD Category-I scheduled commercial bank.
• Payment for imports shall be received in an escrow account and then these payments shall be transferred to the ICA of the PA-CB for further transfer to the foreign merchants.
• Payment to foreign merchants against import shall be carried out only by debit to the ICA.
• For facilitating import transactions, PA-CBs may directly onboard merchants located abroad or may enter into agreements with e-commerce marketplaces or entities providing PA services abroad. In all such arrangements, it shall be the responsibility of PA-CBs to ensure that they undertake Customer Due Diligence of merchants (i.e. directly onboarded merchants, e-commerce marketplaces, or entities providing PA services abroad).
• PA-CBs shall also make sure that they do not facilitate payment transactions for the import of any restricted/prohibited goods and services.
• In case per unit goods/services imported is more than ₹2,50,000, then the concerned PA-CB shall undertake due diligence of the buyer also.
• Payments for imports can be carried out using any payment instrument provided by authorised payment systems in India, except small PPIs.

4.2 Export only PA-CBs

• Export-only PA-CB shall maintain an Export Collection Account (ECA), denominated in Indian Rupees or Foreign currency, with an AD Category-I scheduled commercial bank. An ECA for each non-INR currency shall be maintained separately.
• All export proceeds shall be credited to the relevant currency ECA.
• Where PA-CBs facilitate transactions between merchants/e-commerce marketplaces in India and customers/e-commerce marketplaces abroad, it shall be the responsibility of the PA-CBs to ensure that the transactions for export of any restricted/prohibited goods and services shall not be facilitated.
• Customer Due Diligence of the merchant (i.e. directly onboarded Indian merchants, e-commerce marketplaces, or entities providing PA services) shall be undertaken, and proceeds from ECA shall be settled only in the account of such merchant.
• Settlement in non-INR currencies shall be permitted only for those merchants who have been directly onboarded by the PA-CB.

4.3 Import and Export PA-CBs

• Such entities are required to comply with requirements applicable to both export-only PA-CBs and Import-only PA-CBs.
• Separate collection accounts – ICA and ECA – shall be maintained for facilitating import and export transactions.

5. Import Collection Account (ICA) and Export Collection Account (ECA)

• ICA/ECAの維持管理において、PA-CBの運営は、インド準備銀行（RBI）の認可を受けた後、決済システム法第23条Aに基づく「指定決済システム」とみなされるものとする。
• PA-CBが国内のPA業務も行う場合、ICAおよびECAは、当該PA業務のために開設されたエスクロー口座とは別に管理しなければならない。
• 輸出入に伴う入出金に加え、PAのエスクロー口座で認められる入出金に関する指示は、PA-CBのICAおよびECAにも準用されるものとする。

6. その他規定

• 銀行以外のPA-CBが、すでに認可を受けている、またはRBIに申請中のオンラインPA業務を兼業する場合、PA-CBに関する指示は、PA-CB業務の承認を申請した日から適用されるものとする。
• PA-CBが業務区分を変更する場合、新しい業務区分に関する要件は、RBIへの承認申請日から適用されるものとする。
• PA-CBが処理する輸出入取引において、販売または購入される商品・サービスの1単位あたりの最大額は250万ルピーとする。
• PAに関するその他すべての指示は、PA-CBにも準用されるものとする。
• PA-CBの取引に関し、ICA/ECAを維持するAD銀行は、EDPMS/IDPMSにおける報告および照合を含む、FEMAに基づくすべての要件が遵守されていることを確認しなければならない。

7. Conclusions

PA-CB業務に従事する事業者は、RBIが発行する指示を遵守しなければならない。これらの指示に従わない場合、RBIによる認可申請が拒否される可能性があり、また、すでに認可を受けている場合でも取り消される可能性がある。