RBI Clears Confusion On Cryptocurrency Trading, Asks Banks To Perform Customer Due Diligence RBI Clears Confusion On Cryptocurrency Trading, Asks Banks To Perform Customer Due Diligence In a statement, the RBI has said that the particular order on crypto currencies is no longer valid as it had been set aside by the Supreme Court.
RBI has asked banks to conduct due diligence of customers dealing with crypto currencies
The Reserve Bank of India (RBI) has recommended that banks and other financial institutions should continue to conduct due diligence of customers who are dealing with virtual currencies, which are also called crypto currencies.
JALANDHAR: Enforcement Directorate deputy director Niranjan Singh, who probed a few high profile cases including the Bhola drug racket case, was served an ‘article of charge’ (a charge-sheet limited to service matters) by his department on Monday, the day of his retirement from service.
For the last several years, Niranjan had been tracking the money trail in one of Punjab’s biggest drug haul cases.
He had questioned senior Punjab politicians, including Bikram Singh Majithia and Swaran Singh Phillaur, who were cabinet ministers in the previous SAD-BJP government, as part of the infamous Bhola drug racket.
The ED on Monday charged the officer for failing to maintain integrity and misusing his position by inviting Punjabi singer Diljit Dosanjh to his daughter’s 2016 wedding and paying just Rs 2 lakh, much below than his average professional payments. Singh had at the time been probing a Foreign Exchange Management Act (FEMA) case against Dosanjh.
Such references to the circular by banks or regulated entities are not in order as this circular was set aside by Supreme Court on March 04, 2020, says RBI
Read more about Banks shouldn t cite April 2018 circular for denying crypto services: RBI on Business Standard. Banks, however, must run a checklist of local laws before providing such services, says central bank