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Cross-border payments for Indian businesses - Impact of RBI’s new guidelines
By Astha Sinha
The RBI has recently issued a new regulatory framework for Payment Aggregators of Cross Border Transactions, which brings all entities facilitating cross-border payment transactions for import and export of goods and services under direct regulation of the RBI. Deliberating on the question of the need of such regulation, the article discusses plugging of the issue of alternative methods, tapping of illegal cross border transactions, due diligence by RBI, relaxation on import of services, and how this will ensure monitoring of revised TCS on Liberalised Remittance Scheme. The article also takes note of compliance requirements for non-bank entities and for import/export transactions. According to the author, all companies engaged in cross-border payments systems such as e-commerce entities, global direct-to-customer entities will be required to re-look at their payment partner agreements, money flow, KYC and reporting requirements.
Hybrid work - Special Economic Zones (Fourth Amendment) Rules, 2023 notified
Simplified norms for processing investor’s service requests by RTAs and norms for furnishing PAN, KYC details and nomination
‘Fully Accessible Route’ for investment by non-residents in government securities - Inclusion of Sovereign Green Bonds
International Trade Settlement in Indian Rupees (INR) - Opening of additional current account for export proceeds
Ratio decidendi
Writ petition is not maintainable against an arbitral award passed under Section 18 of MSME Development Act - Supreme Court
Doctrine of promissory estoppel cannot be pressed with respect to a Resolution Plan approved by the CoC in its commercial wisdom - NCLAT
Arbitration - No requirement for filing a separate formal application under Section 8 when an objection has been duly raised in the written submissions - Delhi High Court
News Nuggets
Arbitration - Denial of an arbitration clause in reply to an arbitration notice will not disentitle a party from involving Section 8, in a suit
Arbitration - Court not to insist for bank guarantee in cases where enforcement of an arbitral award is not frustrated, in a petition under Section 9
Arbitration - Court can extend the mandate of an arbitral tribunal even if the application for extension is made after expiry of time limit provided
Arbitration clause in original contract is also applicable to additional work carried out in absence of a formal agreement
Insolvency - 10-day demand notice period cannot be excluded while calculating limitation period for filing a petition under Section 9 of IBC
Insolvency - Time spent in obtaining a legal opinion and engaging a legal counsel is not ‘sufficient cause’ for condonation of delay in filing appeal
Insolvency - Claims cannot be entertained once the resolution plan has been approved by CoC, even if the same is pending before NCLT
