Page 53 - Banking Finance September 2023

RBI CIRCULAR

RBI

CIRCULAR

Enhancing transaction limits for Small Activities) Act, 2005” laid down in terms of Section 12A
of the WMD Act, 2005 vide Order dated January 30,
Value Digital Payments in Offline Mode
2023, by the Ministry of Finance, Government of India
August 24, 2023 (Annex III of the Master Direction on Know Your Cus-
tomer).”
1. This has reference to the Reserve Bank of India circu- 2. Further, in terms of Section 53 of our MD on KYC, “REs
lar CO.DPSS.POLC.No.S1264/02-14-003/2021-2022 shall verify every day, the ‘UNSCR 1718 Sanctions List of
dated January 03, 2022 on “Framework for Facilitating Designated Individuals and Entities‘, as available at
Small Value Digital Payments in Offline Mode”. https://www.mea.gov.in/Implementation-of-UNSC-Sanc-
2. As announced in the Statement on Development and tions-DPRK.htm, to take into account any modifications
Regulatory Policies dated August 10, 2023, the upper to the list in terms of additions, deletions or other
changes and also ensure compliance with the ‘Imple-
limit of an offline payment transaction is increased to
?500. Other instructions mentioned in the framework mentation of Security Council Resolution on Democratic
People’s Republic of Korea Order, 2017’, as amended
shall continue to remain applicable as before.
from time to time by the Central Government”.
3. This directive is issued under Section 10 (2) read with
Section 18 of the Payment and Settlement Systems Act, 3. A reference is also invited to our circular
2007 (Act 51 of 2007) and shall come into effect im- DOR.AML.REC.23/14.06.001/2023-24 dated July 04,
mediately. 2023, communicating thereby the Consolidated List of
UNSC Designated / Sanctioned Individuals and Entities
under the UNSC Resolutions relating to non-prolifera-
Implementation of Section 12A of the
tion. Certain amendments to the entries in the List
Weapons of Mass Destruction and their were notified vide our circular DOR. AML.REC.24/
Delivery Systems (Prohibition of Unlawful 14.06.001/2023-24 dated July 04, 2023.
4. In this regard, Ministry of External Affairs (MEA), GoI
Activities) Act, 2005: Designated List
has informed that the UNSC Committee established
(Amendments) pursuant to resolution 1718(2006) enacted the amend-
ments, specified with strikethrough and/or underline
August 18, 2023
in certain entries on its Sanctions List of individuals and
1. Please refer to Section 52 of our Master Direction on entities (enclosed with this circular). Hence, the ‘des-
Know Your Customer dated February 25, 2016 as ignated list’ (as referred in Para 2.1 and other relevant
amended on May 04 , 2023 (MD on KYC), in terms of paras of the aforementioned Order dated January 30,
which, inter alia, “REs shall ensure meticulous compli- 2023) communicated vide our circular
ance with the “Procedure for Implementation of Sec- DOR.AML.REC.23/14.06.001/2023-24 dated July 04,
tion 12A of the Weapons of Mass Destruction (WMD) 2023 is amended in accordance with the changes in
and their Delivery Systems (Prohibition of Unlawful these relevant entries.

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