Mumbai: The Reserve Bank Wednesday said all data related to payments must be stored only in India and data processed abroad will have to be brought back to the country within 24 hours. “The entire payment data shall be stored in systems located only in India…,” the RBI said in its FAQs on certain implementation issues raised by the Payment System Operators (PSOs). The RBI had issued a directive in April 2018 on ‘Storage of Payment System Data’. It had advised all system providers to ensure that within a period of six months, the entire data relating to payment systems operated by them is stored in a system only in India. Also Read – Maruti cuts production for 8th straight month in SepThe FAQs further said there is no bar on processing of payment transactions outside India if so desired by the PSOs. “However, the data shall be stored only in India after the processing. The complete end-to-end transaction details should be part of the data,” the RBI said. In case the processing is done abroad, “the data should be deleted from the systems abroad and brought back to India not later than the one business day or 24 hours from payment processing, whichever is earlier”. Also Read – Ensure strict implementation on ban of import of e-cigarettes: revenue to CustomsLast week, the issue of data localisation was raised by several e-commerce firms during their meetings with Commerce and Industry Minister Piyush Goyal. Meanwhile, Traders’ body CAIT Wednesday said data localisation provisions should form an integral part of the proposed national e-commerce policy In a communication to Commerce Minister Piyush Goyal, the Confederation of All India Traders (CAIT) said data localisation in the proposed e-commerce policy should be adhered to without any compromise. The provision of data localisation is fairly spelled out in draft of e-commerce policy and, therefore, it should essentially be made integral part of the e-commerce policy, CAIT Secretary General Praveen Khandelwal said. The government might unveil a national e-commerce policy within 12 months to facilitate achieving holistic growth of the sector, officials said. Commerce and Industry Minister Piyush Goyal held his second marathon meeting with stakeholders, including e-commerce companies earlier this week. The government, in February, had released the draft national e-commerce policy proposing setting up of a legal and technological framework for restrictions on cross-border data flow and also laid out conditions for businesses regarding collection or processing of sensitive data locally and storing it abroad. Several foreign e-commerce firms have raised concerns over some points in the draft pertaining to data. An inter-ministerial panel under the Department of Promotion of Industry and Internal Trade will be formed to address stakeholders’ grievances on foreign director investment and draft e-commerce policy.
The Toronto stock market was lower Monday despite earlier relief that Spain had admitted it needed help in recapitalizing its debt-laden banks and secured a bailout for the sector.The S&P/TSX composite index was down 37.31 points to 11,463.32.Eurozone finance ministers said Saturday they would make up to C100 billion in loans available to the Spanish government to prop up banks stuck with non-performing loans and other toxic assets after the collapse of a real estate bubble. Spain has yet to say how much of this money it will tap.But the TSX gave up early advances as relief was tempered by traders wondering whether Madrid can manage the extra debt and whether it will be forced to ask for further aid.“I think that’s really the issue and what concerns markets the most,” said Chris King, portfolio manager at Morgan, Meighen and Associates. “There’s more writedowns to come and ultimately it’s a process of writing things off, all the while maintaining liquidity and equity in your banking system as we remove more than a decade of excess from the banking system and there’s always a price to be paid.”The TSX Venture Exchange was off 11.02 points to 1,281.91.The Canadian dollar was also off session highs as early advances in commodities weakened and the greenback strengthened, down 0.25 of a cent to 97.12 cents US.U.S. markets also shed early gains with the Dow Jones industrial average down 53.36 points at 12,500.84. The Nasdaq composite index was off 20.39 points to 2,838.03 and the S&P 500 index dipped 6.26 points to 1,319.4.Uncertainty about the bank bailout was also evident on bond markets. The rate on Spanish 10-year bonds — a direct measure of how much investors trust a country to pay its debt obligations — started with a 17-basis point drop.But this soon turned into an increase and later rose 0.289 of a point at 6.518 per cent, edging closer to the seven per cent level where the three other European bailout countries — Greece, Portugal and Ireland — sought international assistance.Prices for oil and metals initially advanced but at mid-morning the July crude contract on the New York Mercantile Exchange was off 59 cents at US$83.51 a barrel. The TSX energy sector slipped 0.66 per cent and Suncor Energy (TSX:SU) gave back 36 cents to C$28.67.The base metals sector declined about 0.7 per cent as July copper was up six cents to US$3.34 a pound. Ivanhoe Mines (TSX:IVN) moved down 30 cents to C$10.52.The gold sector was down about 0.4 per cent as August bullion in New York climbed $5.40 to US$1,596.80 an ounce. Barrick Gold Corp. (TSX:ABX) faded 27 cents to C$39.86.The telecom sector led advancers with Telus Corp. (TSX:T) ahead 92 cents to $59.57.The industrials sector was also positive as Canadian National Railways (TSX:CNR) rose 73 cents to $84.39.Traders also opted for caution ahead of this weekend when Greek voters head to the polls in an election likely to determine whether the debt-mired country will stick with the euro. If Greece leaves the common currency, that will raise questions about whether others might follow suit.“There’s enough concern about uncertainty out there that people are not taking undue exposures,” added King.Stock markets have been under increasing pressure over the last six weeks, in particular, as the eurozone debt crisis spread to Spain’s banking sector. But the TSX gained almost two per cent last week amid a bout of bargain-hunting after having endured a string of losses that left the main index down more than 11 per cent from its highs of late February.Meanwhile, traders also digested data from China that came out over the weekend indicating that the government of the world’s second biggest economy can concentrate on further measures to boost growth.China’s statistics bureau said that industrial production grew 9.6 per cent in May from a year earlier, higher than the 9.3 per cent growth registered in April. But it was lower than the 9.9 per cent gain that analysts expected.Exports rose 15.3 per cent from a year earlier, beating 4.9 per cent growth in April and higher than the 6.9 per cent rise forecast by economists.On the inflation front, consumer and wholesale price gains eased more than expected with the May consumer price index rising by three per cent, down from 3.4 per cent in April.There was relief on markets last week after China’s central bank cut a key lending rate by 0.25 per cent, its first rate cut in about four years.In corporate news, convenience store chain Alimentation Couche-Tard (TSX:ATD.B) issued another warning to shareholders of Statoil Fuel & Retail who may be waiting for a higher offer. The Montreal-area company that owns Mac’s and Couche-Tard convenience stores and Circle K gas bars says it won’t pay more for the Scandinavian company. Couche-Tard’s offer values Statoil Fuel at about $2.7 billion. Its shares edged 71 cents lower to $40.98.Kinross Gold Corp. (TSX:K) added two cents at $8.53 after it said production had resumed at its Tasiast mine in Mauritania following a labour dispute that was resolved Saturday. The Toronto-based company has said the work stoppage was illegal. It provided no details of how the dispute was resolved in Monday’s announcement.NovaGold Resources Inc. (TSX:NG) said Monday it has signed a deal to sell its Rock Creek property in Nome, Alaska to Bering Straits Native Corp. Financial terms of the deal were not immediately available. NovaGold shares were unchanged at $6.13.