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of <h1>Foreign Investors Can Use Any Bank for Remittances Under FEMA 1999; KYC Compliance Shared by Banks.</h1> The circular clarifies that foreign investors, including Foreign Institutional Investors, can remit funds through any bank for transactions permitted under the Foreign Exchange Management Act (FEMA) 1999 and related regulations. These funds can then be transferred to the designated Authorized Dealer Category I custodian bank. Both the initial receiving bank and the custodian bank share the responsibility for Know Your Customer (KYC) compliance. The receiving bank must issue a Foreign Inward Remittance Certificate (FIRC) to confirm the funds were remitted in foreign currency. This clarification does not alter the conditions set forth in a previous circular dated October 22, 2012.
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