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of <h1>Banks Alerted: No Remittances to Non-Cooperative Countries Under Liberalised Remittance Scheme, Consult FATF for Updates.</h1> The circular informs banks authorized to deal in foreign exchange about the Liberalised Remittance Scheme allowing resident individuals to remit up to USD 25,000. It highlights that remittances under this scheme are prohibited to countries identified by the Financial Action Task Force (FATF) as non-cooperative, including Cook Islands, Egypt, Guatemala, Indonesia, Myanmar, Nauru, Nigeria, Philippines, and Ukraine. Banks are instructed to keep updated records of such countries by consulting the FATF website and to inform their clients accordingly. The circular is issued under the Foreign Exchange Management Act, 1999.
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