Outward remittance compliance framework tightens bank responsibility, disclosure duties, data protection and settlement controls for online third-party arrangements. An operating framework is prescribed for outward remittance services for non-trade current account transactions through third-party entities in online mode, with Authorised Dealer banks remaining solely responsible for FEMA and KYC compliance. The earlier approval-based arrangement for non-bank tie-ups is removed, and banks must follow detailed transparency, invoicing, customer disclosure, grievance redressal, data protection, cybersecurity, settlement, fund-safeguarding, and due-diligence requirements. Agreements with third parties must preserve the bank's full regulatory responsibility, and similar requirements apply to doorstep delivery of forex cards or foreign currency notes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Outward remittance compliance framework tightens bank responsibility, disclosure duties, data protection and settlement controls for online third-party arrangements.
An operating framework is prescribed for outward remittance services for non-trade current account transactions through third-party entities in online mode, with Authorised Dealer banks remaining solely responsible for FEMA and KYC compliance. The earlier approval-based arrangement for non-bank tie-ups is removed, and banks must follow detailed transparency, invoicing, customer disclosure, grievance redressal, data protection, cybersecurity, settlement, fund-safeguarding, and due-diligence requirements. Agreements with third parties must preserve the bank's full regulatory responsibility, and similar requirements apply to doorstep delivery of forex cards or foreign currency notes.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.