India - Restriction On Storage Of Actual Card Data.

June 29, 2022 by Balaram Adhikari

The Reserve Bank of India issued a notification regarding the Restriction on Storage of Actual Card Data (CoF). As per previous circulars, no entity in the card transaction/payment chain, other than the card issuers and/or card networks, shall store the CoF data, and any such data stored previously shall be purged.

This timeline was extended to June 30, 2022 previously. As per the current notification, it has been decided to extend the timeline for storing of CoF data by three months, i.e., till September 30, 2022, after which such data shall be purged.

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For further information, please contact:

Vineet Aneja – Clasis Law,
vineet.aneja@clasislaw.com

Vineet heads Clasis Law and shares his time between the Delhi and Mumbai offices. He has extensive experience working with both Indian and foreign companies, as well as with government authorities.

Vineet’s corporate practice includes advising on mergers and acquisitions, joint ventures, private equity and investment funds on a full range of corporate clients on general corporate matters and in the areas of capital markets, project finance, regulatory and real estate.

Vineet’s skill set includes a deep transactional understanding as well as significant industry expertise across industries as diverse as manufacturing, media, medical devices, fashion, insurance, technology, telecommunications, infrastructure, hospitality, retail and financial services. Client feedback has highlighted the value his experience adds to both the legal and commercial sides of transactions.