Page 60 - Banking Finance October 2024
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RBI CIRCULAR

             Democratic People’s Republic of Korea Order, 2017’,  by AD Category-I banks. Accordingly, from the report-
             as amended from time to time by the Central Govern-  ing month of September 2024, AD Category-I banks
             ment”                                               shall not submit LRS monthly return (Return code :
                                                                 R089).
          3. A  reference  is  also  invited  to  our  circular
             DOR.AML.REC.23/14.06.001/2023-24 dated July 04,  3. AD Category-I banks, henceforth, will be required to
             2023, communicating thereby the Consolidated Lists of  upload only transaction-wise information under LRS
             UNSC Designated / Sanctioned Individuals and Entities  daily return (CIMS return code: R010) at the close of
             under the UNSC Resolutions relating to non-prolifera-  business of the next working day on CIMS (URL: https:/
             tion. Amendments to the entries in the Lists are car-  /sankalan.rbi.org.in). In case no data is to be furnished,
             ried out from time to time. The last such amendment  AD Category-I banks shall upload a ‘NIL’ report.
             was notified  vide  our  circular  DOR.AML.REC.14/  4. Accordingly, instructions issued vide circulars A.P. (DIR
             14.06.001/2024-25 dated April 16, 2024.             Series) Circular No. 36 dated April 04, 2008, A.P. (DIR
          4. In this regard, Ministry of External Affairs (MEA), GoI  Series) Circular No. 106 dated May 23, 2013, A.P. (DIR
             has informed that the UNSC Committee established    Series) Circular No. 23 dated April 12, 2018, A.P. (DIR
             pursuant to resolution 1718 (2006) has enacted the  Series) Circular No. 07 dated June 17, 2021 and A.P.
             amendments, specified with strikethrough and/or un-  (DIR Series) Circular No. 11 dated December 22, 2023
             derline in an entry on its Sanctions List of individuals  stand withdrawn with immediate effect.
             and entities (enclosed with this circular). Hence, the  5. AD Category-I banks shall bring the contents of this cir-
             ‘designated list’ as referred in Paragraph 2.1 and other  cular to the notice of their constituents. The Master
             relevant paragraphs of the aforementioned Order     Direction – Reporting under Foreign Exchange Manage-
             dated September 01, 2023 is amended in accordance   ment Act, 1999 is being updated to reflect this change.
             with the changes in the relevant entry.
                                                              6. The directions contained in this circular have been is-
          5. The latest version of the UNSC Sanctions list on DPRK  sued under Section 10 (4) and 11 (1) of the Foreign Ex-
             is accessible on the UN Security Council’s website at the  change Management Act, 1999 (42 of 1999) and are
             following URLs:                                     without prejudice to permissions/approvals, if any, re-
             https://www.un.org/securitycouncil/sanctions/1718   quired under any other law.
          6. The REs are advised to take note of the aforementioned
             communications and ensure meticulous compliance.
                                                               Private  banks’  staff  strength
          Liberalised Remittance Scheme (LRS) for              grows 2.8 times over a decade
          Resident Individuals Discontinuation of              Private sector banks’ employee strength has gone up
                                                               2.78 times in over a decade (since FY14) and surpassed
          Reporting of monthly return
                                                               that of the state-owned banks, reflecting their grow-
                                          September 06, 2024   ing market share at the cost of their public sector peers.

                                                               Latest data from the Reserve Bank of India (RBI)
          1. Attention of all Authorised Dealer Category-I (AD Cat-
                                                               showed that at the end of financial year 2024 (FY24),
             egory-I) banks is invited to A.P. (DIR Series) Circular No.
                                                               state-owned  banks had an employee strength  of
             36 dated April 04, 2008 read with A.P. (DIR Series) Cir-
             cular No. 11 dated December 22, 2023, in terms of  764,679, while private sector banks employed 846,530
             which, AD Category-I banks were required to furnish  individuals. In FY14, state-owned banks had 842,813
             information on the number of applications received and  employees, compared to 303,856 of the private banks.
             total amount remitted under LRS on a monthly basis in  During this period, the number of state-owned banks has
             the Centralised Information Management System     decreased to 12 due to mergers, while the total number
             (CIMS).                                           of private sector banks stands at 21. Meanwhile, during
                                                               FY14 – FY24, the total employee strength of the banking
          2. On a review, it has now been decided to discontinue
                                                               industry has gone up from 1.25 million to 1.87 million.
             the requirement for submission of LRS monthly return

            54 | 2024 | OCTOBER                                                            | BANKING FINANCE
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