The Reserve Bank of India on 25th February, 2016 issued the Master Direction on Know Your Customer (KYC), Anti-Money Laundering (AML) and Combating of Financing of Terrorism (CFT). The Master Direction issued consolidates all relevant instructions issued by different departments of the Reserve Bank so far on the subject and will be applicable to all its regulated entities. The complete detailed directions are given below for reading as well as downloading.
1. What are the pre-2005 series banknotes?
The RBI issued Mahatma Gandhi series (MG series) 2005 banknotes in the denomination of ` 10, ` 20, ` 50, ` 100, ` 500 and ` 1000. These notes contain some additional / new security features as compared to the 1996 MG series. All banknotes issued before the 2005 MG series are called as pre-2005 series banknotes.
RBI has extended the due date for exchanging the Pre-2005 notes to 01.01.2015.Now person having pre-2005 notes can exchange the notes from nearest bank branch till 01.01.2015.Further these note shall be valid legal tender till further orders can be used in market in normal course.
The Auditing and Assurance Standards Board of the ICAI has on 28.02.2014 released a Guidance Note on Audit of Banks, 2014 Edition. The revised Guidance Note deals with all the recent important developments that have taken place in the banking sector. It incorporates the guidance for the statutory auditors at branch as well as central level w.r.t. the various circulars of the Reserve Bank of India as well as important pronouncements of the Institute. The Guidance Note has been totally revamped to make it more reader-friendly.
May 31, 2013
All Scheduled Commercial Banks
Acknowledgement by banks at the time of submission of Form 15-G / 15-HAs you are aware banks are not required to deduct TDS from depositors who submit declaration in Form 15-G/15-H under Income Tax Rules, 1962.
Delay in re-presentation of technical return cheques and levy of charges for such returns
As you are aware, banks are expected to indicate the timeline for realisation of local/outstation cheques in their Cheque Collection policy(CCP) and charges for cheque returns to be levied in an upfront manner with due prior notice to the customers as enumerated in RBI circulars no. DPSS.CO. (CHD) No. 873 / 03.09.01 / 2008-09 dated November 24, 2008 and DBOD.No.Dir.BC. 56 /13.03.00/2006-2007 dated February 2, 2007 respectively.
RBI reduced repo (interest) rates (rates at which it lends money to banks) by 25 basis points from 7.5 per cent to 7.25 per cent.The Reserve Bank of India on Friday in its credit policy review cut short-term lending rate (repo rate) by 25 basis points. The central bank has, however, left the cash reserve ratio (CRR) unchanged.
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Tarun Kumar Gupta
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