The Reserve Bank of India, in exercise of the powers conferred on it under Section 8 of the Payment and Settlement Systems Act, 2007, has revoked the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO):
Sr.
No. Entity’s Name Registered Office Address CoA No. & Date Payment System Authorised Date of Revocation Reason for Revocation 1. UAE Exchange Centre LLC (UAEEC) UAE Exchange Centre LLC, P.O No. 13304, Building of Nassar Bin Abdul Latiff Naif Street Deira, Dubai, U A E No. 16/2009 dated
September 30, 2009 Cross border in-bound money transfer operator (customer to customer) as ‘Overseas Principal’ under the Master Direction on Money Transfer Service Scheme (MTSS Master Direction) October 10, 2024 Non – compliance with regulatory requirements
Following the revocation of CoA, UAEEC cannot transact the business of cross border in-bound money transfer as ‘Overseas Principal’ under Master Direction on Money Transfer Service Scheme.
(Puneet Pancholy)
Chief General Manager
Press Release: 2024-2025/1371