Search Result for : Kyc

The Dollar Business Bureau E-commerce player Amazon India has got a licence for operating mobile wallet or pre-paid payment instrument (PPI) in India as it is trying to compete against its rivals in e-commerce space, Paytm and Snapdeal, more aggressively. The approval for mobile wallet will help the online marketplace to leverage the booming market for digital payments in the country. “We are pleased to receive our PPI license from the RBI (Reserve Bank of India). Our focus is providing customers a convenient and trusted cashless payments experience,” Amazon India said in a statement. In December last year, the US-based e-commerce major had launched the Pay Balance service for cashing in on the boom in digital payments space. Like the services of other mobile ...

The Dollar Business (Sourced from PTI)  The Govt seems to have finally taken cognisance of the fact that among those standing in the long queues before ATMs and banks, there are many who have immediate and urgent expenses. Farmers, families who have marriages planned soon, can now breathe easy as the government on Thursday eased restrictions on cash withdrawal by them. But the exchange limit has been halved to Rs 2,000 by the Govt. Economic Affairs Secretary Shaktikanta Das said families preparing for a wedding can withdraw up to Rs. 2.50 lakh from their bank account giving PAN details and a self-declaration. However, with effect from tomorrow individuals can exchange invalid 500 and 1,000 rupee notes totalling Rs 2,000, as against ...

Source: PTI The Central Vigilance Commission (CVC) has asked Reserve Bank of India and Indian Banks' Association (IBA) to red flag multiple transactions of smaller amounts from a single account and ensure compliance of KYC norms to check fraudulent forex transactions in the wake of alleged Rs.6,100 crore foreign remittance scam through Bank of Baroda, a top official said on Friday. "We have written to Reserve Bank of India (RBI) to say that if smaller forex transactions of less than one lakh dollars are being made than it should come to your notice," Vigilance Commissioner T M Bhasin told reporters here. He said similar communication has been sent to IBA chief, saying there may be "attempts to camouflage generation of alerts ...

Dated July 7, 2015 | Copy of | Notification No.4/2015 | In exercise of the powers conferred by sub-section (1) read with clauses (i), (j), (jj), (jjj) and (k) of subsection (2) of section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2013), the Central Government in consultation with the Reserve Bank of India hereby makes the following rules further to amend the Prevention of Money-laundering (maintenance of Records) Rules, 2005, namely:- 1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2015. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Prevention of Money-laundering (Maintenance of Records) Rules, 2005,- (a) in ...

Dated March 25, 2015 | RBI/2014-15/513 | A.P. (DIR Series) Circular No. 87 | Know Your Customer (KYC) Norms / Anti Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT) / Obligations under Prevention of Money-laundering Act (PMLA), 2002 - Money changing activities Attention of Authorised Persons is invited to the A.P. (DIR Series) Circular No. 9 dated July 21, 2014, on the captioned subject read with A.P. (DIR Series) Circular No. 67 dated January 28, 2015 on AML/CFT standards. 2. It has been decided that henceforth, Foreign Exchange Department shall not issue the instructions to the Authorised Persons (APs) on the captioned subject separately and the instructions issued by Department of Banking Regulation, Central Office, Reserve Bank of ...