https://www.taxtmi.com/news?id=16513 A public sector bank permitted advance import remittances without verifying transaction bonafides or performing proper due diligence of Indian clients and overseas suppliers. In response, the regulator mandated comprehensive guidelines to authorized dealer banks, constituted a working group to devise an Import Data Monitoring and Processing System, directed strict adherence to export/import rules and strengthened internal security, required follow-up of all advance remittances irrespective of value, and prioritized uploading of shipment and realization details with special progress reports. en-us Fri, 12 Aug 2016 17:51:35 +0530 Fri, 12 Aug 2016 17:51:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=16513 A public sector bank permitted advance import remittances without verifying transaction bonafides or performing proper due diligence of Indian clients and overseas suppliers. In response, the regulator mandated comprehensive guidelines to authorized dealer banks, constituted a working group to devise an Import Data Monitoring and Processing System, directed strict adherence to export/import rules and strengthened internal security, required follow-up of all advance remittances irrespective of value, and prioritized uploading of shipment and realization details with special progress reports. News - Fri, 12 Aug 2016 17:51:35 +0530 https://www.taxtmi.com/news?id=16513