On 26 June 2019, the Reserve Bank of India (RBI) issued clarifications on data localization. Two significant clarifications are: (1) where processing of a payment transaction happens overseas, then the payment systems data (including end-to-end transaction details) for the transaction could also be stored abroad, but only for a limited period, i.e., for the duration of processing the transaction; and (2) where a cross-border transaction has a foreign and a domestic component, the domestic component can be stored abroad, if required.
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The business law digest is compiled by Nishith Desai Associates, a research-based international law firm with offices in Mumbai, New Delhi, Bengaluru, Singapore, Silicon Valley, Munich and New York. The firm specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.
