(Image source from: Businesstoday.in)
RBI Says Cash On Delivery Is Illegal:- The option of cash on delivery is widely used across the country through online shopping which took a major leap. All the leading e-commerce companies like Amazon, Flipkart have been delivering the products ordered online and several customers have been buying productions through this option. The Reserve Bank of India (RBI) revealed that cash on delivery is illegal. RBI in response to RTI noticed that the collection of money through this option is not permissible.
Dharmendra Kumar of FDI Watch asked RBI after which the Reserve Bank of India responded as per the Section 8 of the Payments and Settlements Systems Act, 2007. RBI said that the aggregators / payment intermediaries like Amazon and Flipkart are not authorised under Section 8 of the PSS (Payments and Settlements Systems) Act, 2007. Several online shoppers in the country solely depend on Cash on Delivery through online purchases.