In view of the interim recommendations of the Regulations Review Authority 2.0, the Reserve Bank of India has decided to withdraw certain Obsolete Regulatory Circulars / Instructions w.e.f. 16th November, 2021.
Key Highlights of the Notifications addressed to Payment System Operators (“PSOs”) and Authorised Card Payment Networks that are being withdrawn:
1. KYC Norms/AML Standards/Combating Financing of Terrorism/Obligation of PSOs under PMLA, 2002 mentioned as under:
Guidelines dated December 22, 2009, on obligation of PSOs under PMLA, 2002 advising all Payment System Operators should have in place a proper policy framework on ‘Know Your Customer’, ‘Anti-Money Laundering’ and Combating the Financing of Terrorism measures with the approval of their Board.
Notification dated October 25, 2013, advising PSOs to have proper infrastructure in place to enable biometric authentication for e-KYC and included Operational Procedure to be followed by PSOs for e-KYC exercise.
Notification dated May 30, 2014, directing PSOs to nominate a Director on their Boards as “designated director” to ensure compliance with the obligations under the Prevention of Money Laundering (Amendment) Act, 2012.
Notification dated June 20, 2014, recognizing E-Aadhaar as an ‘Officially Valid Document’ under Prevention of Money Laundering (Maintenance of Records) Rules, 2005.
Notification dated July 3, 2014, directing PSOs to revise their KYC policy, thereby, simplifying the requirement of submission of `proof of address’.
Notification dated November 24, 2014, directing PSOs to create public awareness about simplification of KYC norms.
Notification dated November 27, 2014, directing PSOs to revise their KYC policy in view of the amendment to Prevention of Money-Laundering (Maintenance of Records) Rules 2013
2. Merchant Discount Rates Structure for Debit Card Transactions:
Notification dated June 28, 2012, capping the MDR for transactions undertaken with debit cards.
Notification dated July 04, 2012, allowing extension of time till end of August 2012 to comply with the directions on merchant discount rates (given under above-mentioned Notification dated June 28, 2012).
3. List of Terrorist Individuals/ Organisations under UNSCR 1267(1999) and 1822(2008) on Taliban/Al-Qaida Organisation:
Notification dated March 10, 2011
Notification dated March 23, 2011
Notification dated April 19, 2011
Notification dated May 11, 2011
Notification dated June 22, 2011
Notification dated June 27, 2011
Notification dated June 30, 2011
Notification dated August 04, 2011
Notification dated October 03, 2011
Notification dated January 23, 2012
Notification dated January 24, 2012
Notification dated February 17, 2012
Notification dated April 12, 2012
Notification dated April 12, 2012
Notification dated May 09, 2012
Notification dated June 07, 2012
Notification dated July 06, 2012
Notification dated July 06, 2012
Notification dated September 06, 2012
Notification dated October 19, 2012
Notification dated October 19, 2012
Notification dated January 08, 2013
Notification dated May 08, 2013
Notification dated September 13, 2013
Notification dated September 13, 2013
Notification dated January 07, 2014
Notification dated October 09, 2014
Notification dated October 09, 2014
Notification dated January 02, 2015
Notification dated January 02, 2015
Notification dated January 09, 2015
Notification dated January 09, 2015
Notification dated January 09, 2015
Notification dated February 04, 2015
Notification dated February 12, 2015
Notification dated February 18, 2015
Notification dated February 27, 2015
Notification dated March 24, 2015
Notification dated March 24, 2015
Notification dated April 16, 2015
Notification dated April 16, 2015
Notification dated April 23, 2015
4. Standards related to Anti- Money Laundering (AML) / Combating of Financing of Terrorism (CFT):
Notification dated April 08, 2011
Notification dated April 08, 2011
Notification dated August 18, 2011
Notification dated August 18, 2011
Notification dated February 09, 2012
Notification dated April 11, 2012
Notification dated September 06, 2012
Notification dated January 08, 2013
Notification dated May 08, 2013
Notification dated September 13, 2013
Notification dated January 07, 2014
Notification dated March 18, 2014
Notification dated September 03, 2014
Notification dated January 02, 2015
Notification dated April 16, 2015
5. Security and Risk Mitigation Measures for Card Present and Electronic Payment Transactions:
Notification dated May 07, 2015, advising banks that all new cards issued – debit and credit, domestic and international – by banks shall be EMV chip and pin-based cards with effect from September 01, 2015.
6. Terms of Inter-Government Agreement (IGA) with United States of America (US) under Foreign Accounts Tax Compliance Act (FATCA):
Notification dated August 14, 2014
Notification dated January 21, 2015
Notification dated October 15, 2015
Source: Reserve Bank of India
