Banks to give Remittance Detail to DRI, Non Compliance to Attract Penalty

[A.P. (DIR Series) Circular No. 28 dated May 03, 2018]

Data Sharing with Directorate of Revenue Intelligence

Attention of Authorised Dealer Category I (AD Category I) banks is invited to provisions contained in Sections 108A and 108B of the Customs Act, 1962 and the Rules notified thereunder vide GSR 1512 (E) Notification No. 114/2017-Customs (N.T) dated December 14, 2017. All AD Category I banks are advised to ensure compliance with the same with immediate effect.

2. The directions contained in this circular have been issued under section 10(4) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999).