Wealthy individuals in India looking to have the convenience of a prepaid card could face problems if they try to load more than Rs50,000 onto their prepaid cards. According to TaxGuru.com, The central bank has also laid down certain exceptions in KYC requirements available only in cases wherein semi-closed system payment instruments up to Rs 1,000 may be issued subject to reporting of annual turnover or suspicious transactions. The issuer should ensure that, under no circumstance, more than one card is issued to the same person. It seems that this restriction on prepaid cards limits stems from India's fight against terrorism. Because loading cash to a prepaid card can be relatively anonymous, India may be looking to protect the country's citizens with these measures. What do you think?
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