RBI cautions public against Prepaid Payment Instruments wallet of sRide

RBI cautions public against Prepaid Payment Instruments (non-closed) issued by sRide through its car-pooling app 

RBI in its latest advisory has cautioned public of the risk in dealing with sRide car-pooling app. 

RBI cautions public against sRide app

The RBI has observed that sRide Tech Private Limited, a company having its registered office at 1201, Tower-7, Close North, Nirvana Sector-50, Gurgaon, Haryana, is operating a semi-closed (non-closed) pre-paid instrument (wallet) through its car-pooling app (application) ‘sRide’ without obtaining the required authorisation from RBI under the provisions of the Payment and Settlement Systems Act, 2007.

According to RBI, any person dealing with sRide Tech Private Limited, will be doing so at their own risk.

RBI has urged the public to exercise utmost caution while using such application/s, dealing with and before parting with their money to any such unauthorised entity. In their own interest, members of public should verify and satisfy themselves that the application used or the entity they are dealing with is authorised to carry out the activity it performs or assures to perform.

The list of authorized payment system providers/ authorized payment system operators are displayed on RBI website at https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=12043

ABCAUS Note: Presently the sRide is a offering carpooling in Mumbai, Pune, Kolkatta, Hyderabad, Delhi, CHennai and Bangalore.

• No protective addition required when additions is confirmed in hands of searched person – ITAT
• Limitation u/s 34 of Arbitration Act commences on disposal of application u/s 33 by Arbitral Tribunal – SC
• Case remanded in absence of finding if disallowance u/s 40A(3) covered by Rule 6DD
• For investment in share capital, source of investment is outside the control of the investee company
• ICAI issues revised Code of Ethics (13th edition)- Applicable Dates