Attention of the Authorised Dealer Category - I AD Category - I banks is invited to A.

DIR Series Circular No. Further, AD Category-I banks were also advised to exercise due caution in respect of the accounts being opened in the name of individuals or proprietary concerns at different bank branches for collecting the margin money, investment money, etc.

With a view to further strengthening the restrictions on such online activities which are in violation of FEMA, , AD Category I banks are hereby directed as follows:. Road, Mumbai — in the format provided in the Annex to this circular.

If it is observed that the concerned AD category I bank has failed to carry out the measures as outlined above, Reserve Bank of India may proceed against the defaulting bank under section 11 3 of FEMA, and take any action as may be deemed necessary. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned. The instructions contained in this circular may also be brought to the attention of the card issuing companies who may also be advised to remain alert against permitting payments for such unauthorized transactions.

Rudra Narayan Kar Chief General Manager-In-Charge.

Banks cautious after RBI forex directive - Times of India

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Home About Us Notifications Press Releases Speeches Publications Annual Half-Yearly Quarterly Bi-monthly Monthly Weekly Occasional Reports Lectures Statistics Data Releases Database on Indian Economy. With a view to further strengthening the restrictions on such online activities which are in violation of FEMA, , AD Category I banks are hereby directed as follows: Yours faithfully, Rudra Narayan Kar Chief General Manager-In-Charge.

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