Rupee Drawing Arrangement: increased trade remittance cap and conditional regularisation subject to enhanced KYC and FATF compliance. The circular increases the per transaction trade remittance limit under the Rupee Drawing Arrangement and permits Authorised Dealer Category I banks to regularise payments exceeding the prescribed limit if satisfied of the transaction's bonafides. Regularisation is subject to conditions: remittances must be from FATF compliant countries, banks must complete KYC/AML/CFT and other due diligence, review and report frequent high value senders, obtain additional information from correspondents, retain records for scrutiny, and ensure export proceeds received through RDA are applied to outstanding export finance with an exporter declaration.
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Rupee Drawing Arrangement: increased trade remittance cap and conditional regularisation subject to enhanced KYC and FATF compliance.
The circular increases the per transaction trade remittance limit under the Rupee Drawing Arrangement and permits Authorised Dealer Category I banks to regularise payments exceeding the prescribed limit if satisfied of the transaction's bonafides. Regularisation is subject to conditions: remittances must be from FATF compliant countries, banks must complete KYC/AML/CFT and other due diligence, review and report frequent high value senders, obtain additional information from correspondents, retain records for scrutiny, and ensure export proceeds received through RDA are applied to outstanding export finance with an exporter declaration.
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