The Reserve Bank notification does not specify the company Uber or any other company for that matter. However, it has only observed that certain credit card transactions are violating FEMA rules.
Global tax app Uber's India ride just got bumpy as the Reserve Bank of India has declared that the company cannot use its international payment gateway as it is in violation of FEMA rules.
The Reserve Bank notification does not specify the company Uber or any other company for that matter. However, it has only observed that certain credit card transactions are violating FEMA rules.
Let me just explain to you what the notification means. Currently most of the credit card transactions require a two-stage authentication. In the first stage the customer gives details of the credit card that is visible on the card and in the second stage, the customer gives a one time pin which is not on the card but which he receives via a message on his phone.
RBI has observed that some of the credit card transactions are not following this two stage authentication. These transactions are being routed via an international payment gateway, which does not require this two-stage authentication and this is mainly done purely for convenience sake and not keeping in mind the security aspect. So, RBI believes that routing these transactions through an international payment gateway or a bank situated overseas results in foreign exchange outflow and therefore violates FEMA.
Therefore, RBI has said that most of these credit card transactions that happen between two residents in India or domestically should be settled and routed domestically itself. So, this comes in the backdrop or in the wake of the recent complaints that has been raised against Uber that is routing its payments through the international payment gateway.
Purely for convenience sake, Uber collects credit card details of the customer at the time of registration and after which there is a standing instruction to deduct the money from the credit card.
RBI believes that routing these transactions that have actually happened in India through an international payment gateway is a risk for the customer and therefore there should be a two stage authentication that Uber has to follow.
With the RBI order coming in, Uber will have to review its payment authentication process going forward.
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