What are the RBI guidelines regarding money laundering?

ii) These guidelines are issued under Section 35A of the Banking Regulation Act, 1949 and Rule 7 of Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of …

What is positive pay system?

The Positive Pay System, developed by the National Payments Corporation of India, is a process of reconfirming the key details of large value cheques. The details are cross-checked while issuing the cheque and any discrepancy is flagged.

What is the role of the RBI under the Banking Regulation Act of 1949?

The Act gives the Reserve Bank of India (RBI) the power to license banks, have regulation over shareholding and voting rights of shareholders; supervise the appointment of the boards and management; regulate the operations of banks; lay down instructions for audits; control moratorium, mergers and liquidation; issue …

Which of the following is the cardinal rule for financial institute entities in anti money laundering efforts?

which of the following is the cardinal rule for bankers in anti money laundering efforts: KYC and know your employee. Know the assets position of the customers of the bank. Know the customer of the other banks.

What is the maximum amount I can write a cheque for in India?

As per the RBI guidelines issued last year, banks can enable this facility for all account holders for cheque amounts of Rs 50,000 and above at the discretion of the account holder. However, banks may consider making it mandatory for cheques of above Rs 5 lakh.

What is Section 51 of Banking Regulation Act?

Section 51 in BANKING REGULATION ACT,1949. (ii) an officer of the State Bank of India or a corresponding new bank or a Regional Rural Bank or a subsidiary bank nominated or appointed as director of any of the said banks (not being the bank of which he is an officer) or of a banking company.]]

What is Banking Regulation Act 2020?

The Banking Regulation (Amendment) Bill, 2020 was introduced in Lok Sabha by the Minister of Finance, Ms. Nirmala Sitharaman, on March 3, 2020. The Act regulates the functioning of banks and provides details on various aspects such as licensing, management, and operations of banks.

What does CFT stand for in banking?

the Financing of Terrorism
CFT compliance, or Combating the Financing of Terrorism Compliance, refers to the set of banking policies and standards used by financial institutions to adhere to the requirements of international Anti-Money Laundering laws.

When did Punjab National Bank lease out a locker to a customer?

The appellant ( Punjab National Bank) had leased out a locker to a customer on a yearly rent of Rs 800, sometime in 1994. Initially, the rent was debited from the saving bank account and after some time, the customer started to deposit locker rent by cash in the bank account.

What are the annual charges for lockers in India?

The annual charges for A-type lockers is Rs 6,545 inclusive of service tax and caution deposit, while for the L-type locker it would be Rs 29,467 inclusive of service tax and caution deposit The trust on Private company lockers is not as high as bank lockers

Do all banks offer locker facilities?

While most banks offer such a facility, the locker size, annual rent, deposit required, time period and provision for refund differs for various banks. As you can see in the table below Private Banks like HSBC charge almost double of public sector banks. Annual Rent (Rs.)

What happens when you don’t pay bank locker rent?

Bank Locker Rent Rules: What happens when someone fails to pay bank locker rent? Banks have framed rules that allow them to break open the locker in case the customer fails to make the payment in time. However, the bank needs to inform the customer well in advance before taking any action on his locker.