RBI extends timeline for compliance with various payment system requirements
Extension of timeline for compliance with various payment system requirements
Reserve Bank of India (RBI) had in past issued instructions on Master Direction on Issuance and Operation of Prepaid Payment Instruments (PPI-MD), enhancing security of card transactions, harmonisation of Turn Around Time (TAT) and Customer Compensation for Failed Transactions using Authorised Payment Systems and Guidelines on Regulation of Payment Aggregators and Payment Gateways.
In view of the Covid-19 pandemic situation, RBI has decided to extend the timeline for compliance in respect of a few areas as under:
Annex to letter DPSS.CO.PD.No.1897/02.14.003/2019-20 dated June 04, 2020
| SN | Instruction / Circular | Present Timeline | Revised Timeline |
| 1. | PPI-MD dated October 11, 2017 (as updated from time to time): (i) All existing non-bank PPI issuers (at the time of issuance of PPI-MD) to comply with the minimum positive net-worth requirement of Rs. 15 crore for the financial position as on March 31, 2020 (audited balance sheet). (ii) Authorised non-bank entities shall submit the System Audit Report, including cyber security audit conducted by CERT-IN empanelled auditors, within two months of the close of their financial year to the respective Regional Office of DPSS, RBI. |
Financial position as on June 30, 2020 | Financial position as on September 30, 2020 |
| By August 31, 2020 | By October 31, 2020 | ||
| 2. | Implementing provisions of circular on “Enhancing Security of Card Transactions”. | w.e.f. June 16, 2020 | By September 30, 2020 |
| 3. | “Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems”, “calendar days” to be read as “working days”. | w.e.f. March 24, 2020 | Until December 31, 2020 |
| 4. | “Guidelines on Regulation of Payment Aggregators and Payment Gateways”, the activities for which specific timelines are not mentioned and were supposed to come into effect from April 1, 2020. | w.e.f. June 01, 2020 | By September 30, 2020 |
- Income Tax notice by process server held invalid for non acknowledgement/endorsement
- No income tax is payable on compensation on land acquired under NHAI Act 1956
- Documents filed on the day when assessment order passed are not additional evidence
- Addition of bogus purchases deleted as opportunity of cross examination not given
- GST Registration to be granted automatically and electronically within 3 Working Days
