RBI/2013-14/573
A.P. (DIR Series) Circular No.125
April 25, 2014
To,
All Authorised Persons, who are Indian Agents under Money Transfer
Service Scheme (MTSS)
Madam / Sir,
Reporting of Cross Border Wire Transfers
Please refer to our
A. P. (DIR Series) Circular No. 73 dated January 10, 2013 on
‘Uploading of Reports on FINnet Gateway’ wherein all Authorised Persons, who are
Indian Agents under MTSS were advised to upload reports as required by FIU-IND
using only FINnet gateway.
- With the amendments to Prevention of Money Laundering (PML) Rules,
notified by the Government of India vide Notification No. 12 of 2013 dated
August 27, 2013 and in terms of amended Rule 3, every reporting entity is
required to maintain the record of all transactions including the record of
all cross border wire transfers of more than Rs. 5 lakh or its equivalent in
foreign currency, where either the origin or destination of the fund is in
India. FIU-IND has advised that the information of all such transactions may
be furnished to Director, FIU-IND by 15th of the succeeding month.
- In this regard, it is advised that the ‘Transaction Based Reporting
Format’ (TRF) already developed by FIU-IND and being used for reporting Cash
Transaction Reports (CTRs), Suspicious Transaction Reports (STRs) and
Non-Profit Organizations Transaction Reports (NTRs) may be used for
reporting the Cross Border Wire Transfers. The information may be furnished
electronically in the FIN-Net module developed by FIU-IND. All Authorised
Persons, who are Indian Agents under MTSS are accordingly advised to take
action as required by FIU-IND and ensure that reports are submitted in time
as per the schedule.
- The format along with sample data filled in as an illustration is
available in the ‘Downloads’ section of the FIU-IND website
(http://fiuindia.gov.in).
- The directions contained in this Circular have been issued under Section
10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of
1999) and also under the, Prevention of Money Laundering Act, (PMLA), 2002,
as amended by Prevention of Money Laundering (Amendment) Act, 2009 and
Prevention of Money-Laundering (Maintenance of Records of the Nature and
Value of Transactions, the Procedure and Manner of Maintaining and Time for
Furnishing Information and Verification and Maintenance of Records of the
Identity of the Clients of the Banking Companies, Financial Institutions and
Intermediaries) Rules, 2005 as amended from time to time and are without
prejudice to permission /approvals, if any, required under any other law.
Yours faithfully,
(C.D.Srinivasan)
Chief General Manager