Synopsis
Under the new framework, the licensed PA/PG – CB entities will be fully responsible for being compliant with PMLA, including reporting suspicious transactions. The move is an extension of RBI’s strategy to bring clarity and regulatory ownership in merchant payments. Also, UPI is now allowed to be used.
If you are a freelancer in India and receive payments in your bank account from overseas clients, you must have faced the pain of high bank fees, unnecessary paperwork, and unclear timelines of when the actual credit to the bank account will happen. Similarly, if you are an Indian consumer buying goods or software from international websites, the lack of payment options like UPI or Netbanking causes a lot of inconvenience and a sub-optimal
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