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TagsWhat are the regulations for using digital wallets like Venmo in India?
kevin pouponJan 10, 2022 · 3 years ago1 answersCan you provide a detailed explanation of the regulations governing the use of digital wallets like Venmo in India? I'm particularly interested in understanding the legal requirements, restrictions, and any potential risks associated with using these platforms.
1 answers
- As an expert in the field, I can tell you that using digital wallets like Venmo in India is subject to regulations set by the Reserve Bank of India (RBI). These regulations are designed to protect consumers and prevent illegal activities such as money laundering and fraud. Digital wallet providers are required to follow Know Your Customer (KYC) norms, which involve verifying the identity and address of users. There are also limits on the amount of money that can be stored in a digital wallet and transferred in a single transaction. It's important to choose a reputable digital wallet provider and familiarize yourself with their terms and conditions to ensure compliance with the regulations.Jan 10, 2022 · 3 years ago
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