Gift card (RBI regulations)

Gift card (RBI regulations)

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Deal Subedar
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Gift card (RBI regulations)

Reference – https://m.rbi.org.in/Scripts/BS_ViewMasDirectio...

10.1 Gift instruments

Banks and non-bank entities are permitted to issue prepaid gift instruments subject to the following conditions:

Maximum value of each prepaid gift instrument shall not exceed Rs.10,000/-.

These instruments shall not be reloadable.

Cash-out or refund or funds transfer shall not be permitted for such instruments.

KYC details of the purchasers of such instruments shall be maintained by the PPI Issuer. Separate KYC would not be required for customers who are issued such instruments against debit to their bank accounts in India.

The gift instruments may be revalidated (including through issuance of new instrument) as per the Board approved policy of the issuer.

The provisions of paragraph 13 on validity and redemption, as applicable, shall be adhered to.

The features of such PPIs shall be clearly communicated to the PPI holder by SMS / e-mail / post or by any other means at the time of issuance of the PPI / before the first loading of funds.

13. Validity and Redemption

13.1 All PPIs issued in the country shall have a minimum validity period of one year from the date of last loading / reloading in the PPI. PPI issuers are free to issue PPIs with a longer validity. In case the PPI is issued in the form of card (with validity period mentioned on the card), then the customer shall have the option to seek replacement of the card.

13.2 PPI issuers shall caution the PPI holder at reasonable intervals, during the 45 days’ period prior to expiry of the validity period of the PPI. The caution advice shall be sent by SMS / e-mail / post or by any other means in the language preferred by the holder indicated at the time of issuance of the PPI.

13.3 Non-bank PPI issuers cannot transfer the outstanding balance to their Profit & Loss account for at least three years from the expiry date of PPI. In case the PPI holder approaches the PPI issuer for refund of such amount, at any time after the expiry date of PPI, then the same shall be paid to the PPI holder in a bank account.

13.5 Issuers shall clearly indicate the expiry period of the PPI to the customer at the time of issuance of PPIs. Such information shall be clearly enunciated in the terms and conditions of sale of PPI. Where applicable, it shall also be clearly outlined on the website / mobile application of the issuer.

13.6 PPIs with no financial transaction for a consecutive period of one year shall be made inactive by the PPI issuers after sending a notice to the PPI holder/s. These can be reactivated only after validation and applicable due diligence. These PPIs shall be reported to RBI separately.

13.7 The holders of PPIs shall be permitted to redeem the outstanding balance in the PPI, if for any reason the scheme is being wound-up or is directed by RBI to be discontinued.

16 Comments  |  
9 Dimers
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Deal Subedar
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androgame wrote:

Thats a lengthy joke, skipping wink

Important points.

13.2 PPI issuers shall caution the PPI holder at reasonable intervals, during the 45 days’ period prior to expiry of the validity period of the PPI. The caution advice shall be sent by SMS / e-mail / post or by any other means in the language preferred by the holder indicated at the time of issuance of the PPI.
13.3 Non-bank PPI issuers cannot transfer the outstanding balance to their Profit & Loss account for at least three years from the expiry date of PPI. In case the PPI holder approaches the PPI issuer for refund of such amount, at any time after the expiry date of PPI, then the same shall be paid to the PPI holder in a bank account.

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Shopping Friend
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404 – File or directory not found. smile smile

The resource you are looking for might have been removed, had its name changed, or is temporarily unavailable.


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Deal Subedar
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androgame wrote:

Humans make mistakes lol

It was not a mistake. I purposefully deleted that point to make it short. Link updated to read the full document.

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Deal Subedar
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malikcool wrote:

404 – File or directory not found. smile smile

The resource you are looking for might have been removed, had its name changed, or is temporarily unavailable.


Link updated.

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Deal Cadet
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13.3 Non-bank PPI issuers cannot transfer the outstanding balance to their Profit & Loss account for at least three years from the expiry date of PPI. In case the PPI holder approaches the PPI issuer for refund of such amount, at any time after the expiry date of PPI, then the same shall be paid to the PPI holder in a bank account.

Is this valid for all Giftcards since many sites quote that no refund will be given in case of cancellation after giftcard expiry.

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SleeperRAW wrote:

Important points.

13.2 PPI issuers shall caution the PPI holder at reasonable intervals, during the 45 days’ period prior to expiry of the validity period of the PPI. The caution advice shall be sent by SMS / e-mail / post or by any other means in the language preferred by the holder indicated at the time of issuance of the PPI.
13.3 Non-bank PPI issuers cannot transfer the outstanding balance to their Profit & Loss account for at least three years from the expiry date of PPI. In case the PPI holder approaches the PPI issuer for refund of such amount, at any time after the expiry date of PPI, then the same shall be paid to the PPI holder in a bank account.

Examples of non-bank PPI issuer and PPI issuer?

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Critic
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dummyuser wrote:

Examples of non-bank PPI issuer and PPI issuer?

bank ppi issuer—any bank prepaid/gift card
non-bank ppi issuer—phonepe gift card,amazon pay gift card etc

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guest_999 wrote:

bank ppi issuer—any bank prepaid/gift card
non-bank ppi issuer—phonepe gift card,amazon pay gift card etc

Ok, i have a couple of cleartrip GVs that expired and I couldn’t use it, so that means I can go ask for a refund

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dummyuser wrote:

Ok, i have a couple of cleartrip GVs that expired and I couldn’t use it, so that means I can go ask for a refund

Only if you paid for them using money(cash or online money transaction),any GV got from offers/cashback etc is excluded.

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guest_999 wrote:

Only if you paid for them using money(cash or online money transaction),any GV got from offers/cashback etc is excluded.

haha.. well then I can’t coz the ones I was trying to claim were actual gifts

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