RBI Circular

The Reserve Bank of India (RBI) has amended the designated list under Section 12A of the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005, in line with recent changes enacted by the UNSC Committee under Resolution 1718 (2006). Regulated Entities (REs) are required to refer to the latest version of the UNSC Sanctions List on DPRK at the UN Security Council website and ensure strict adherence to the amended guidelines, as communicated through the Ministry of External Affairs and detailed in the Master Direction on Know Your Customer.

The Reserve Bank of India has assigned the State Bank of India as the Lead Bank for the newly formed Tamulpur district in Assam. This decision follows the official creation of the district, as announced in a recent Gazette Notification

The Reserve Bank of India (RBI) has identified unauthorized entities offering forex trading facilities to Indian residents with promises of excessive returns, often through local agents who open accounts in various bank branches for collecting margins and other charges. These transactions frequently deviate from the stated account purpose and leverage domestic payment systems for unauthorized forex trading. The RBI advises Authorised Dealer Category-I (AD Cat-I) banks to remain vigilant, report suspicious accounts to the Directorate of Enforcement, and inform customers to deal only with authorized forex operators. Banks should also publicize the RBI's "Alert List" of unauthorized entities and lists of authorized forex operators. These directives complement permissions required under other relevant laws

Blogs & Articles

Card image cap
PAN India Audits
Card image cap
Why concurrent audit is important for banks?
Card image cap
Elevating Audit Excellence: Harnessing the Potential of Data Analytics

Industry News & Update

Big accounting firms predict 800 new centers and 2.6 million hires by 2030, fueled by accounting and tech grads.

Big accounting firms anticipate significant expansion as they project the establishment of 800 new centers worldwide by 2030. With a surge in hiring expected, reaching a staggering 2.6 million individuals, this growth is primarily driven by the recruitment of accounting and tech graduates, signaling a pivotal role for these skilled professionals in shaping the future landscape of multinational companies

Card image cap

NEFT records 4.1 cr transactions on Feb 29, highest single-day volume

The NEFT recorded its highest ever single-day transactions on February 29, with 4.10 crore transactions processed. NEFT and RTGS have seen significant growth in volume and value. NEFT operates on a 24/7 basis, 365 days a year since December 16, 2019, while RTGS achieved this from December 14, 2020. NEFT settles retail payments and RTGS settles wholesale payments.

Card image cap