Some generic issues 10. While on the subject, let me discuss some generic issues relating to e-money on which we are often quizzed. i. Is e-money in India overregulated when elsewhere there is higher level of tolerance towards anonymity of e-money transactions? Non-banks in India can issue only semi-closed prepaid instruments, which do not provide for cash withdrawals.
Is KYC requirement justified in such cases, when any usage of the card will only result in credits to the bank accounts of the merchants? ii.