Remittance towards participation in lottery, money circulation schemes, other fictitious offers of cheap funds, etc.

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....ory - I) banks is invited to the A.P. (DIR Series) Circular No. 22 dated December 7, 2000, A.P. (DIR Series) Circular No. 02 dated July 27, 2001 and A.P. (DIR Series) Circular No. 49 dated June 4, 2002 in terms of which it was advised that remittance in any form towards participation in lottery schemes are prohibited under the Foreign Exchange Management Act, 1999. Further, these restrictions are ....

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....cation campaigns are being planned. 3. It has been brought to the notice of the Reserve Bank that fraudsters are seeking money from the gullible people, under different heads, such as, processing fees/ transaction fees/tax clearance charges/conversion charges, clearing fees, etc. The victims of thefraud have also been persuaded to deposit the amount in accounts with banks in India, and such amou....