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ARTICLE · 18 JANUARY 2024

India's New Cross-Border Payment Framework: Highlights And Takeaways

Luthra and Luthra Law Offices India
Luthra and Luthra Law Offices India
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Luthra and Luthra Law Offices India

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India's cross border e-commerce is currently valued about $800 billion annually and is estimated to reach $2 trillion by 2030, as cited by the chief of Director General of Foreign Trade in a media briefing.

IndiaFinance and Banking
Itee Singhal
Itee Singhal
Anirudh Grover
Anirudh Grover
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India's cross border e-commerce is currently valued about $800 billion annually and is estimated to reach $2 trillion by 20301, as cited by the chief of Director General of Foreign Trade in a media briefing. These figures are reflective of the potential which e-commerce sector holds in the international transactions space. The quick and cost-effective payment solution remains the driving force behind this growth. In this context, the role of FinTech players who have leveraged the technology to introduce low-cost solutions for international payments becomes critical.

Taking cognizance of these developments, the Reserve Bank of India (RBI), on October 31, 2023, has issued a revised framework for cross border payments ("PA-CB Framework"), followed by the public consultation on the draft framework which was issued by the RBI in April 2022 ("Draft Framework"). Prior to PA-CB Framework, the online cross-border payments system for export of goods & services and import of

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