Introduction of Prepaid Payment Instruments for Mas Transit System

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Introduction of Prepaid Payment Instruments for Mas Transit System - News and Press Release Dated:- 24-7-2015 - News - Reserve Bank of India (RBI) vide its circular dated 9th July, 2015 introduced a new category of semi-closed Prepaid Payment Instrument (PPI) with the following features: The semi-closed PPIs will be issued by the mass transit system operator (PPI-MTS) after authorization u .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... nder the Payment and Settlement Systems Act, 2007 to issue and operate such semi-closed PPIs; The PPI-MTS will necessarily contain the Automated Fare Collection application related to the transit service to qualify as PPI-MTS; Apart from the mass transit system, such PPI-MTS can be used only at other merchants whose activities are allied to or are carried on within the premises of the transi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... t system; The PPI-MTS issuer will ensure on-boarding of merchants (only those permissible as under (iii) above) following due procedure applicable to any other PPI issuer; The PPI-MTS will have minimum validity of six months from the date of issue; The issuer may decide upon the desired level of KYC, if any, for such PPIs; The PPI-MTS issued may be reloadable in nature and at no point .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... of time the value/balance n PPI can exceed the limit of ₹ 2000/-; No cash-out or refund will be permitted from these PPIs; Funds transfer under the Domestic Money Transfer (DMT) guidelines will also not be applicable to these PPIs; All other extant guidelines for escrow arrangement, customer grievance redressal mechanism, agent/merchant due diligence, reporting and MIS requirements .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... etc applicable to issue of PPIs would continue to be applicable in respect of PPI-MTS. This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X