Tuesday, Mar 22, 2005
Tuesday, Mar 22, 2005 |
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Madurai
By Our Staff Reporter
MADURAI, MARCH 21. The Reserve Bank of India has cautioned the banks, especially the authorised dealers in foreign exchange, to exercise utmost care in handling foreign contribution and ensure that the "funds are not diverted for unscrupulous practices." Addressing a workshop on Foreign Exchange Management Act of 1999, organised by the Indian Bank here today, the General Manager of RBI, K.T. Thomas, said the onus on verifying the antecedents of depositors rested with the respective bank officials and urged the latter to monitor the funds flow as the "identification of bad money is essential." He told the bankers to discourage clients from indulging in online lottery games as these could cause problems and advise them not to fall prey to such allurements. Advances for exports for current account holders should not violate FEMA regulations, he said and warned that the RBI would deal seriously with such cases. The RBI had delegated powers to authorised dealers to extensively carry out their operations and even issued a master circular this month on how to act while accepting tsunami relief. The Assistant General Manager of RBI, P. Chandrika Devi, said bankers had been empowered to provide exchange on current account transactions. The Assistant General Manager of Indian Bank, T.S. Bhaskaran, spoke.
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