https://www.taxtmi.com/circulars?id=8096 Prohibition on remittances for participation in lotteries, money circulation schemes and similar fictitious offers is reiterated; AD Category I banks must be vigilant when opening accounts or permitting transactions collecting fees for such schemes, and residents who collect or remit such payments abroad are liable for contravention of the Foreign Exchange Management Act and for breaches of KYC and AML regulations. en-us Wed, 26 May 2010 00:00:00 +0530 Thu, 27 May 2010 21:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8096 Prohibition on remittances for participation in lotteries, money circulation schemes and similar fictitious offers is reiterated; AD Category I banks must be vigilant when opening accounts or permitting transactions collecting fees for such schemes, and residents who collect or remit such payments abroad are liable for contravention of the Foreign Exchange Management Act and for breaches of KYC and AML regulations. Circulars FEMA Wed, 26 May 2010 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8096