Technology

Google Play Store issue resolved

Google Play Store services are not disturbed
Finance Ministry,IT and State Bank will present new payment mechanism 
Foreign Exchange Regulation Act, 1947 regulates the foreign exchange transactions

IT Minister Syed Aminul Haque said that the Ministry of Finance has agreed to devise a mechanism for payments against the tech giant’s app services. The State Bank of Pakistan had been directed to delay the implementation of the Direct Carrier Billing (DCB) policy for one month.

 

What is Direct Carrier Billing (DCB) and SBP role with Google Play Store

DCB is an online mobile payment method that allows users to make purchases by charging payments directly to their mobile phone carrier bill instead of through a debit or credit card.

The SBP citing the violation of foreign exchange regulations, had announced it was revoking the designation of banks of telcos for making payments on behalf of telecom consumers for video gaming, entertainment content, etc. under DCB.

The Foreign Exchange Regulation Act, 1947 ” a telco, intends to operate as an intermediary/payment aggregator and such arrangement involves outflow of foreign exchange, it has to approach SBP, separately through its bank, for seeking special permission for providing such services”.

 

 

 

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