Authorised Person Due Diligence obligations require declarations, refusal, and reporting when foreign exchange evasion is suspected. Section 10(5) requires an authorised person to obtain declarations and information before undertaking any foreign exchange transaction to ensure it is not designed for contravention or evasion; if the counterparty refuses or gives unsatisfactory information the authorised person must refuse the transaction in writing and, if there is reason to believe evasion is contemplated, report the matter to the Reserve Bank.
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.
Authorised Person Due Diligence obligations require declarations, refusal, and reporting when foreign exchange evasion is suspected.
Section 10(5) requires an authorised person to obtain declarations and information before undertaking any foreign exchange transaction to ensure it is not designed for contravention or evasion; if the counterparty refuses or gives unsatisfactory information the authorised person must refuse the transaction in writing and, if there is reason to believe evasion is contemplated, report the matter to the Reserve Bank.
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