Today, an overseas credit/debit card could be used to withdraw cash from any ATM and can be a potential source for money laundering and the international laws come in the way of sharing complete information about the source of the funds? In the light of such threat, is the RBI and the Government too obsessed with KYC and AML issues? 11.
As you know, e-money or the prepaid payment instruments, whether in the e-wallets, m-wallets, prepaid cards or paper coupons, have been brought under regulation for the first time with the enactment of the Payment and Settlement Systems Act, 2007.