RBI issues draft norms for trade via e-com mode

The roles and responsibilities of the banks and OEIF and the disciplines for operating the import and export collection accounts are clearly spelt out

The Reserve Bank of India (RBI) has issued draft guidelines for settlement of payments for export/import through e-commerce i.e. buying and selling of goods and services, including digital products, conducted over digital and electronic networks, and called for feedback by April 24.

In November 2009, the Department of Payment and Settlement Systems (DPSS) of the RBI recognised that the use of electronic/online modes of payments to merchants for goods and services like bill payments, online shopping, etc. has been gaining popularity in the country. With a view to safeguard the interests of the customers and to ensure that the payments made