New restrictions on online billing in India may affect international e-commerce businesses, including Google Play, Amazon India, and Uber.
RBI says, “he Reserve Bank of India (RBI) said last week that online transactions using credit cards for the purchase of items and services within India must be done through a bank within the country and be transacted in rupees” – I don’t know if this is setting a bad precedence or what. Because India is big enough economy, one can only wonder if other companies will comply or exit the market. Though a lot of confusion remains, the marching orders are disturbing. The CNP Notification by RBI can be read here: http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=9183&Mode=0
This page was last updated on August 26, 2014.