cryptohunter
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Electronic money institutions in India can offer services across borders, but it's not a free-for-all. The Reserve Bank of India (RBI) has some say in it, and they need to give the nod before things go global. The key is playing by the rules.
If a business wants to offer services beyond Indian borders, they have to get the RBI's approval and follow the Foreign Exchange Management Act (FEMA) rules. These rules are like the traffic cops for foreign exchange in India, making sure everything stays stable.
Any electronic money business eyeing cross-border action needs to show they can handle the risks that come with international deals. They also have to stick to the rules about preventing money laundering, knowing their customers well, and reporting stuff as required.
If a business wants to offer services beyond Indian borders, they have to get the RBI's approval and follow the Foreign Exchange Management Act (FEMA) rules. These rules are like the traffic cops for foreign exchange in India, making sure everything stays stable.
Any electronic money business eyeing cross-border action needs to show they can handle the risks that come with international deals. They also have to stick to the rules about preventing money laundering, knowing their customers well, and reporting stuff as required.
