RBI/2013-14/574
A.P. (DIR Series) Circular No.126
April 25, 2014
To
All Authorised Persons
Madam / Sir,
Reporting of Cross Border Wire Transfers
Please refer to our
A. P. (DIR Series) Circular No. 72 dated January
10, 2013 on ‘Uploading of Reports on FINnet Gateway’ wherein all Authorised
Persons 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 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