RBI asks US-based moneychanger Zoha to close biz in India
12 Mar 2011
The Reserve Bank of India (RBI) on Friday asked the US-based money transfer firm Zoha Inc to immediately wind up its operations in India.
"The RBI has asked Zoha Inc, USA to wind-up their existing services for cross border money transfer to India with immediate effect," the RBI said in a statement.
The central bank, which has refused to grant authorisation to Zoha Inc, said the firm should not operate a payment system for cross-border in-bound money transfer services in India. It did not, however, give any reason for refusing authorisation to the money transfer firm.
The central bank has refused authorisation application of Zoha Inc, exercising the powers conferred on the Reserve Bank under sub-section 3 of section 7 of the Payment and Settlement Systems Act, 2007, the statement added.
