Authorized dealer banks were also permitted to regularize any payments that surpass stipulated limit under RDA by the bank, says a report.
Rupee-cap was increased by the Reserve Bank of India (RBI), by drawing arrangements in trade-related remittances by three times to Rs 15,00,000 per transaction. Authorized dealer banks were also permitted to regularize any payments that surpass stipulated limit under RDA by the bank, says a report.
"It has been decided to increase the limit of rupee drawing arrangements (RDAs) for trade-related transactions from the existing Rs 5,00,000 to Rs 15,00,000 per transaction with immediate effect," the RBI said as mentioned in the report.
Authorized banks could regularize payments only if they find bonafide transactions satisfactory.
However, remittances received under RDA are from FATF-(financial action task force)-compliant countries, KYC (know-your- customer)/AML (anti-money laundering)/CFT (combating financial terrorism) and other due diligence concerns, must be checked by the authorized bank dealers, as per the report.
The individual exchange houses of the Central Bank keep sending huge value trade related remittances therefore authorized banks must review and report to the same, the report stated.
"It has been decided to increase the limit of rupee drawing arrangements (RDAs) for trade-related transactions from the existing Rs 5,00,000 to Rs 15,00,000 per transaction with immediate effect," the RBI said as mentioned in the report.
Authorized banks could regularize payments only if they find bonafide transactions satisfactory.
However, remittances received under RDA are from FATF-(financial action task force)-compliant countries, KYC (know-your- customer)/AML (anti-money laundering)/CFT (combating financial terrorism) and other due diligence concerns, must be checked by the authorized bank dealers, as per the report.
The individual exchange houses of the Central Bank keep sending huge value trade related remittances therefore authorized banks must review and report to the same, the report stated.
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