The Reserve Bank of India (RBI) on September 06, 2024, notified regarding the update in Master Direction - Other Remittance Facilities.
In regulation 6 - Operational instructions to Authorised Persons, clause 6.5 has been updated, it states that – “Authorised Dealers shall obtain Form A2 in physical or digital form for all cross-border remittances, irrespective of the value of the transaction, and other related documents, if and as may be necessary, subject to provisions of Section 10(5) of FEMA 1999. They shall frame appropriate internal guidelines, with the approval of their Board, for the purpose. The Authorised Dealers shall continue to comply with the relevant provisions of FEMA 1999 and ‘Master Direction – Know Your Customer (KYC) Direction, 2016’ as updated from time to time, issued by the Department of Regulation, RBI, for all transactions.”
[FED Master Direction No. 8/2015-16]
