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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