RBI Halts UAE Exchange Centre's Operations
The Reserve Bank of India has revoked the Certificate of Authorisation for UAE Exchange Centre LLC, based in Dubai, due to non-compliance with regulatory demands. As a result, the company is prohibited from conducting cross-border in-bound money transfers as an Overseas Principal.
- Country:
- India
The Reserve Bank of India has taken a decisive step by revoking the Certificate of Authorisation (CoA) for UAE Exchange Centre LLC, halting its cross-border, in-bound money transfer operations.
Issued to the Dubai-based entity as an 'Overseas Principal', this authorization allowed customer-to-customer money transfers across borders. The RBI stated that this action was due to non-compliance with regulatory requirements.
Consequently, UAE Exchange Centre LLC is now barred from conducting further transactions as an 'Overseas Principal' for cross-border in-bound money transfers.
(With inputs from agencies.)
Advertisement
ALSO READ
India's New Stance: Curbing Lighter Imports to Boost Domestic Production
RBI directs payment service providers to enhance accessibility for persons with disabilities
Navigating the AI Frontier in Banking: RBI's Warning
Chhatarpur Disturbing Incident: Minors Paraded Over Theft Allegations
RBI Governor Warns of Private Credit Market Risks