Page 47 - BANKING FINANCE JANUARY 2016 ONLINE
P. 47
RBI CIRCULAR
v. The reimbursement of interest equalisation claim Foreign Exchange Management (Transfer
will be made as and when the funds are received or Issue of Any Foreign Security)
from Government of India. (Amendment) Regulations, 2015
Yours faithfully, Notification No.FEMA.359/2015-RB
(Lily Vadera) December 02, 2015
Chief General Manager In exercise of the powers conferred by clause (b) of sub-
section (3) of Section 6 and Section 47 of the Foreign
Anti-Money Laundering (AML)/ Exchange Management Act, 1999 (42 of 1999), the Reserve
Combating of Financing of Terrorism Bank of India hereby makes the following amendments in
the Foreign Exchange Management (Transfer or Issue of Any
(CFT) - Standards Foreign Security) Regulations, 2004 (Notification No. FEMA.
120/2004-RB dated July 7, 2004) namely:-
RBI/2015-16/258 1. Short Title & Commencement
DBR. AML. No. 7312/14.01.001/2015-16 (i) These Regulations may be called the Foreign
Exchange Management (Transfer or Issue of Any
December 3, 2015 Foreign Security) (Amendment) Regulations, 2015.
The Chairpersons/ CEOs of all Scheduled Commercial Banks/ (ii) They shall come into force from the date of their
Regional Rural Banks/ Local Area Banks/ All India Financial publication in the Official Gazette
Institutions/ all NBFCs/ All Primary (Urban) Co-operative
Banks /State and Central Co-operative Banks (StCBs / CCBs) 2. Amendment of the Regulation 21 (2) (ii)
/All Payment System Providers/ System Participants and
Prepaid Payment Instrument Issuers/ All authorised persons In the Foreign Exchange Management (Transfer or
including those who are agents of Money Transfer Service Issue of Any Foreign Security) Regulations, 2004
Scheme (Notification No. FEMA. 120/2004-RB dated July 7,
2004), after Regulation 21 (2) (ii), the following proviso
Dear Sir/ Madam, shall be inserted, namely:-
Anti-Money Laundering (AML)/ Combating of Financing of
Terrorism (CFT) - Standards "Provided that under these Regulations, the Reserve
Bank may, in consultation with the Government of
1. Please refer to our letter DBR. AML. No. 1637/ India, change / prescribe for the automatic as well as
14.01.001/2015-16 dated July 30, 2015 on risks arising the approval route of FCCBs, any provision or proviso
from the deficiencies in AML/CFT regime of certain for issuance of FCCBs.
jurisdictions.
3. Amendment to the Regulation 21 (2) (iii)
2. Financial Action Task Force (FATF) has updated its Public
Statement and document 'Improving Global AML/CFT In the Foreign Exchange Management (Transfer or
Compliance: on-going process' on October 23, 2015. Issue of Any Foreign Security) Regulations, 2004
(Notification No. FEMA. 120/2004-RB dated July 7,
3. All Regulated Entities (REs) are advised to take note of 2004), after Regulation 21 (2) (iii), the following proviso
the FATF Public Statement and FATF document and be shall be inserted, namely:-
guided accordingly.
"Provided that under these Regulations, the Reserve
4. This, however, does not preclude REs from legitimate Bank may, in consultation with the Government of
trade and business transactions with the countries and India, change / prescribe any provision or proviso for
jurisdictions mentioned in the statement. issuance of FCEBs.
Yours faithfully, (B.P. Kanungo)
(Thomas Mathew) Principal Chief General Manager
General Manager
BANKING FINANCE | JANUARY | 2016 | 47
Copyright@ The Insurance Times. 09883398055 / 09883380339
