A new category of semi-closed Prepaid Payment Instruments (PPI) is being introduced with the following features:
- The semi-closed PPIs will be issued by the mass transit system operator (PPI-MTS) after authorisation;
- The PPI-MTS will necessarily contain the Automated Fare Collection application related to the transit service to qualify as PPI-MTS;
- Apart from the mass transit system, such PPI-MTS can be used only at other merchants whose activities are allied to or are carried on within the premises of the transit system ;
- The PPI-MTS issuer will ensure on-boarding of merchants following due procedure;
- The PPI-MTS will have minimum validity of six months from the date of issue;
- The issuer may decide upon the desired level of KYC;
- The PPI-MTS may be reloadable and at no point of time can the balance exceed the limit of Rs. 2,000/-;
- No cash-out or refund will be permitted from these PPIs;
- Funds transfer guidelines under the Domestic Money Transfer will not be applicable to these PPIs;
- All other guidelines applicable to issue of PPIs would continue to be applicable in respect of PPI-MTS.
Based on RBI
Circular dt 9/07/15. Please visit www.rbi.org.in for any further clarification
if required….. Poppy
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