RBI/2010-11/532
A.P. (DIR Series) Circular No. 62
May 16, 2011
To,
All Authorised Persons, who are Indian Agents under Money Transfer Service
Scheme.
Madam/ Sir,
Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating
the Financing of Terrorism (CFT)/Obligation of Authorised Persons under the
Prevention of Money Laundering Act, (PMLA), 2002, as amended by the Prevention
of Money Laundering (Amendment) Act, 2009- Cross Border Inward Remittance under
the Money Transfer Service Scheme
Attention of all Authorised Persons, who are Indian Agents under Money Transfer
Service Scheme (MTSS) is invited to Paragraph 5.12 (i) of Annex-I to the
A.P.(DIR Series) Circular No.18 {A.P. (FL Series) Circular No.5} dated November
27, 2009.
- It has been decided to amend the instructions contained in the said paragraph.
The amended instructions are given in the Annex.
- All the other instructions contained in A.P. (DIR Series) Circular No.18 {A.P.
(FL Series) Circular No.5} dated November 27, 2009 shall remain unchanged.
- Authorised Persons (Indian Agents) should bring the contents of this Circular
to the notice of their constituents and customers concerned.
- The directions contained in this Circular have been issued under Sections
10(4) and 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 the 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. Non-compliance with the guidelines
would attract penal provisions of the Acts concerned or Rules made there under.
Yours faithfully,
(Meena Hemchandra)
Chief General Manager-in-Charge
Annex
[Annex to A. P. (DIR Series) Circular No.62
[A.P.(FL Series Circular No. ]
dated May 16, 2011
| Paragraph No. [cf. Annex-I [Annex to A.P. (DIR Series) Circular No.18 {A.P. (FL
Series) Circular No.5} dated November 27, 2009]. |
Existing Instructions |
Amended Instructions |
| 5.12 (i) Maintenance of records of transactions
|
APs (Indian Agents) should introduce a system of maintaining proper record of
transactions prescribed under Rule 3, as mentioned below: |
APs (Indian Agents) should introduce a system of maintaining proper record of
transactions prescribed under Rule 3, as mentioned below: |
| |
a) all cash transactions of the value of more than Rupees ten lakh or its
equivalent in foreign currency; |
a) all cash transactions of the value of more than Rupees ten lakh or its
equivalent in foreign currency; |
| |
b) all series of cash transactions integrally connected to each other which have
been valued below Rupees ten lakh or its equivalent in foreign currency where
such series of transactions have taken place within a month; and
|
b) all series of cash transactions integrally connected to each other which have
been valued below Rupees ten lakh or its equivalent in foreign currency where
such series of transactions have taken place within a month and the aggregate
value of such transactions exceeds Rupees ten lakh; |
| |
c) all suspicious transactions whether or not made in cash and by way of as
mentioned in the Rules. |
c) all transactions involving receipts by non-profit organisations of value more
than Rupees ten lakh or its equivalent in foreign currency [Ref: Government of
India Notification dated November 12, 2009 - Rule 3, sub-rule (1) clause (BA) of
PML Rules]; |
| |
|
d) all cash transactions where forged or counterfeit currency notes or bank
notes have been used as genuine and where any forgery of a valuable security or
a document has taken place facilitating the transaction; and |
| |
|
e) All suspicious transactions whether or not made in cash and by way of as
mentioned in the Rules. |