Question
Under the RBI's updated operating framework for outward
remittance services, AD Category-I banks have been mandated to perform due diligence through which process?Solution
As per RBI's directions under the updated operating framework, Authorised Dealer Category-I banks have been mandated to adhere to the Foreign Exchange Management Act, 1999 and perform due diligence through Know Your Customer (KYC) processes. Banks have also been directed to inform customers about the exact foreign exchange amount to be credited and the maximum time required for the beneficiary to receive funds.
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