All Transactions above Rs.
5 lakhs Across Border in FIU net
[RBI Circular No. 126 dated 25th
April 2014]
Sub: Reporting of Cross Border Wire Transfers
Please refer to our A. P. (DIR Series) Circular No. 72
dated January 10, 2013 on ‘Uploading of Reports on FINnet
Gateway’ wherein all Authorised Persons were advised to upload reports as
required by FIU-IND using only FINnet gateway.
2. With the
amendments to Prevention of Money Laundering (PML) Rules, notified by the
Government of India vide Notification No. 12 of 2013 dated August 27, 2013 and
in terms of amended Rule 3, every reporting entity is required to maintain the
record of all transactions including the record of all cross border wire
transfers of more than Rs. 5 lakh or its equivalent
in foreign currency, where either the origin or destination of the fund is in
India. FIU-IND has advised that the information of all such transactions may be
furnished to Director, FIU-IND by 15th of the succeeding month.
3. In this regard, it is advised that the ‘Transaction
Based Reporting Format’ (TRF) already developed by FIU-IND and being used for
reporting Cash Transaction Reports (CTRs), Suspicious Transaction Reports
(STRs) and Non-Profit Organizations Transaction Reports (NTRs) may be used for
reporting the Cross Border Wire Transfers. The information may be furnished
electronically in the FIN-Net module developed by FIU-IND. All Authorised
Persons are accordingly advised to take action as required by FIU-IND and
ensure that reports are submitted in time as per the schedule.
4. The format
along with sample data filled in as an illustration is available in the
‘Downloads’ section of the FIU-IND website (http://fiuindia.gov.in).
5. The
directions contained in this Circular have been issued under Section 10(4) and
Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and
also under the, Prevention of Money Laundering Act, (PMLA), 2002, as amended by
Prevention of Money Laundering (Amendment) Act, 2009 and 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 the Identity of the
Clients of the Banking Companies, Financial Institutions and Intermediaries)
Rules, 2005 as amended from time to time and are without prejudice to
permission /approvals, if any, required under any other law.
[RBI Circular No.
125 dated 25th April 2014]
Sub:
Reporting of Cross Border Wire Transfers
Please
refer to our A. P. (DIR Series) Circular No. 73 dated January 10, 2013 on
‘Uploading of Reports on FINnet Gateway’ wherein all
Authorised Persons, who are Indian Agents under MTSS
were advised to upload reports as required by FIU-IND using only FINnet gateway.
2. With the
amendments to Prevention of Money Laundering (PML) Rules, notified by the
Government of India vide Notification No. 12 of 2013 dated August 27, 2013 and
in terms of amended Rule 3, every reporting entity is required to maintain the
record of all transactions including the record of all cross border wire
transfers of more than Rs. 5 lakh or its equivalent
in foreign currency, where either the origin or destination of the fund is in
India. FIU-IND has advised that the information of all such transactions may be
furnished to Director, FIU-IND by 15th of the succeeding month.
3. In
this regard, it is advised that the ‘Transaction Based Reporting Format’ (TRF)
already developed by FIU-IND and being used for reporting Cash Transaction
Reports (CTRs), Suspicious Transaction Reports (STRs) and Non-Profit
Organizations Transaction Reports (NTRs) may be used for reporting the Cross
Border Wire Transfers. The information may be furnished electronically in the
FIN-Net module developed by FIU-IND. All Authorised Persons, who are Indian
Agents under MTSS are accordingly advised to take action as required by FIU-IND
and ensure that reports are submitted in time as per the schedule.
4. The format
along with sample data filled in as an illustration is available in the
‘Downloads’ section of the FIU-IND website (http://fiuindia.gov.in).
5. The
directions contained in this Circular have been issued under Section 10(4) and
Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and
also under the, Prevention of Money Laundering Act, (PMLA), 2002, as amended by
Prevention of Money Laundering (Amendment) Act, 2009 and 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 the Identity of the
Clients of the Banking Companies, Financial Institutions and Intermediaries)
Rules, 2005 as amended from time to time and are without prejudice to
permission /approvals, if any, required under any other law.