RBI Revokes UAE Exchange Centre’s Authorisation Over Regulatory Non-Compliance, Halting Cross-Border Money Transfers
The Reserve Bank of India has revoked the Certificate of Authorisation for UAE Exchange Centre LLC over regulatory non-compliance, effectively halting its cross-border, in-bound money transfer services into India. This action follows the UAEEC’s failure to meet RBI’s operational standards as a licensed "Overseas Principal."
RBI Revokes UAE Exchange Centre’s Authorisation Over Regulatory Non-Compliance, Halting Cross-Border Money Transfers
The Reserve Bank of India (RBI) has revoked the Certificate of Authorisation (CoA) of UAE Exchange Centre LLC (UAEEC), effectively barring it from conducting cross-border, in-bound money transfer services. UAEEC, headquartered in Dubai, was previously certified as an "Overseas Principal," allowing it to manage customer-to-customer cross-border remittance services into India.
The RBI cited non-compliance with regulatory requirements as the reason for revoking UAEEC’s authorisation. As a payment system operator, UAEEC was responsible for facilitating secure in-bound transfers to India under the regulatory framework set by the RBI. With the CoA cancellation, UAEEC can no longer operate in this capacity. In an official statement, the RBI reinforced that, due to this revocation, UAEEC must cease all cross-border, in-bound money transfer transactions under its previous authorisation as an Overseas Principal.
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