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RBI orders Mastercard to not add new customers to its network from July 22

The Reserve Bank of India barred the US-based card network Mastercard from onboarding new domestic debit, credit or prepaid customers on its card network in India from 22 July onwards. The central bank’s supervisory action on Mastercard is citing its non-compliance with data localisation mandate wherein all foreign payment operators storing card and customer related data must do so in servers physically present in India. “Notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data,” the central bank said in a circular.RBI had issued its data storage circular in April of 2018 and given all system providers a time frame of six months to enforce these norms. The central bank said that Mastercard’s existing customers won’t be impacted because of these restrictions. “This order will not impact existing customers of Mastercard. Mastercard shall advise all card issuing banks and non-banks to conform to these directions. The supervisory action has been taken in exercise of powers vested in RBI under Section 17 of the Payment and Settlement Systems Act, 2007 (PSS Act),” RBI said.

Asia Law Offices advised a major transnational strategic collaboration between its client, UAE-Based Pharmax Pharmaceuticals, and Swiss pharma major Acino Pharmaceuticals.

ALO represented Pharmax in the structuring and closure of entire transaction documents of the significant collaboration.

The collaboration framework extends to licensing, manufacturing, and supply of Acino formulations within the gastroenterology and the cardiovascular space throughout the Middle East and Africa.