In a major relief for cryptocurrency investors in country, the Reserve Bank of India (RBI) has told banks that they cannot refer to its April 2018 circular to warn against investments into cryptocurrency and deny cryptocurrency services.The .
However, lenders should carry out customer due diligence in addition to other provisions under the Foreign Exchange Management Act for overseas remittances
The Reserve Bank of India has given a huge relief to crypto investors and traders by clarifying that banks and other entities cannot use its 2018 order on virtual currencies to caution their customers.
ED probing money laundering charges in case against IFFCO MD
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Case pertains to alleged import of fertilizers and raw materials at inflated rates
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Case pertains to alleged import of fertilizers and raw materials at inflated rates
The Enforcement Directorate is probing money laundering charges in connection with a case recently registered by the Central Bureau of Investigation against the Indian Farmers Fertiliser Co-operative Limited (IFFCO) managing director and others for alleged import of fertilizers and raw materials at inflated rates.
“Well before the CBI instituted the case, we had launched an inquiry under the Foreign Exchange Management Act in the same matter and have gathered substantial evidence related to the fertilizer scam,” said a senior ED official.