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Last month, the Reserve Bank of India (RBI) issued large advertisements in the print media, urging consumers to exchange old, soiled, torn, damaged or defective currency notes. Titled “Aadat Badlo, Note Badlo”, the advertisement assured consumers that this can be done at any of the bank
The Union finance ministry on Thursday issued a clarification on the changes in FEMA rules which brings overseas international credit card spending under the RBI's liberalised remittance scheme (LRS). Here's how it affects you.
The RBI’s recent master direction focuses on the protection of customer data and imposes significant obligations related to compliance and reporting on regulated entities that intend to outsource their information technology to third parties
We discuss the new reporting rules for regulated entities (REs) in India to ensure all wire transfers meet anti-money laundering guidelines.
The Reserve Bank on Thursday instructed banks and other financial institutions to ensure cross-border as well as domestic wire transfers contain complete information about the originator and beneficiary. The central bank has updated instructions in the Master Direction on Know Your Customer (KYC) related to wire transfers and also aligned the same with the relevant recommendation of the Financial Action Task Force (FATF). 'All cross-border wire transfers shall be accompanied by accurate, complete, and meaningful originator and beneficiary information...,' as per the updated instructions in the...