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.
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.
ITAT quashed reassessment on the basis of borrowed belief of Anti-Corruption Bureau without applying mind In a recent judgment, ITAT…
In considering disallowance u/s 40A(2) for payments to specified persons, genuineness of expenditure is not a relevant issue. In a…
Expression “Yes I am satisfied” in approval u/s 151 not such a vital defect on the basis of which, re-opening…
Section 143(1) Intimation is only an intimation and it cannot be treated as an order for the purpose of Section…
Order u/s 127 quashed as PCIT having jurisdiction over non corporate assesee could not have transferred case of a corporate…
DGFT issues modalities for eligibility, receipt and processing of applications for issuance of authorizations for export of wheat flour and…