RBI revokes UAE Exchange Centre's authorisation as payment system operator
This story was originally published at 13:15 IST on 25 October 2024
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--RBI revokes UAE Exchange Centre's authorisation as payment system operator
NEW DELHI – The Reserve Bank of India has revoked the certificate of authorisation of UAE Exchange Centre LLC as a payment system operator, the central bank said in a release on Friday. The authorisation was revoked on Oct. 10 due to non-compliance with regulatory requirements, the RBI said.
"Following the revocation of CoA (certificate of authorisation), UAEEC (UAE Exchange Centre) cannot transact the business of cross-border in-bound money transfer as 'Overseas Principal' under Master Direction on Money Transfer Service Scheme," the RBI said.
UAE Exchange Centre is a global remittance and foreign exchange service company. The company is based in Dubai and started operations in 1980. The RBI granted the certificate of authorisation to UAE Exchange Centre for cross-border in-bound money transactions in 2009. End
Reported by Shubham Rana
Edited by Vidhi Verma
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