RBI action on Mastercard again shows why it is urgent to have an omnibus data protection law

Source: TOI Synopsis: Mastercard Asia has been ordered by RBI to refrain from taking on new customers as it failed to fulfil its obligations under the local data storage rules. Also Read: Mastercard can’t issue new cards from July 22: RBI Issues involved Impact on the payments market: India’s retail payments landscape has transitioned to contactless… Continue reading RBI action on Mastercard again shows why it is urgent to have an omnibus data protection law

5G, data localisation to dominate BRICS meeting

The two-day BRICS foreign ministers is set to be held in Rio de Janeiro, Brazil. This meeting is being held in preparation for the 11th BRICS summit in November,2019. The meeting is expected to call for a united stand on issues surrounding 5G networks and data storage. The BRICS countries may also search for common… Continue reading 5G, data localisation to dominate BRICS meeting

PayPal mulls data localisation for India

American digital payments player PayPal has said that it is working with its partners on data localisation as mandated by the Reserve Bank of India(RBI). Data localisation is the act of storing data on any device physically present within the borders of a country.Localisation mandates that companies collecting critical data about consumers must store and… Continue reading PayPal mulls data localisation for India

U.S. will consider ‘301 probe’ on India, says trade official

Indian and United States Trade Representative(USTR) has held discussions on various trade and economic issues. Deputy USTR has said that the US will consider 301 investigation against India if the trade issues between the two countries are not resolved. 301 probe is employed as a precursor to tariffs and other trade measures against a country.It… Continue reading U.S. will consider ‘301 probe’ on India, says trade official

Payments data must be saved locally: RBI

The Reserve Bank of India (RBI) has clarified that payment system providers need to store entire payments data in a system only in India. The data should include end-to-end transaction details and information pertaining to payment or settlement transaction that is gathered, transmitted as part of a payment message or instruction. The data could be… Continue reading Payments data must be saved locally: RBI

No H1B Visa caps in retaliation for data localisation:U.S State Department

The US state department has said the US has no plans to restrict H-1B work visas for countries that force international firms to store data locally. This statement came in the backdrop of a report which had said that the U.S. was considering capping H1Bs at 10-15% of all H1Bs for countries that had a… Continue reading No H1B Visa caps in retaliation for data localisation:U.S State Department

State department reiterates Trump’s ‘fair and reciprocal trade’ message for India

The US State Department has reacted to India’s announcement of retaliatory tariffs on certain U.S. imports by reiterating U.S. President message of reciprocal trade and the strength of U.S.-India ties. Recently,the United States Trade Representative(USTR) had said that there will be not be a trade action against India but US will continue to raise market… Continue reading State department reiterates Trump’s ‘fair and reciprocal trade’ message for India

E-com firms take up data localisation issues with Goyal

Recently,Commerce minister has met industry stakeholders on e-Commerce and data localisation issue. During the meeting,the industry raised concerns around data localisation rules which requires storing of customer data exclusively in India without creating mirror sites overseas. In April 2018,Reserve Bank of India(RBI) had asked payment firms to ensure their data are stored exclusively on local… Continue reading E-com firms take up data localisation issues with Goyal

Payment service will be launched only after complying with RBI norms, WhatsApp tells Supreme Court

WhatsApp has assured the Supreme Court that only a trial run of its payments service is underway at present and that it would comply with Reserve Bank of India(RBI) norms before launching the full version. This assurance came when the Supreme Court was hearing a petition seeking directions for the messaging platform to comply with… Continue reading Payment service will be launched only after complying with RBI norms, WhatsApp tells Supreme Court