Question
Which of the following accurately describes the Reserve
Bank of India's revised Domestic Money Transfer (DMT) guidelines effective from November 1, 2024? A) The changes mandate maintenance of records for beneficiaries of cash pay-out services. B) Every transaction must now be validated through an Additional Factor of Authentication (AFA). C) The remitting banks are required to comply with provisions related to cash deposits under the Income Tax Act, 1961.Solution
The RBI's updated guidelines for DMT services aim to enhance security by requiring records of beneficiaries and mandating additional authentication for transactions, thereby promoting greater compliance and security in money transfers. · Under the new framework, remitting banks will be required to maintain records of the name and address of beneficiaries for cash pay-out services. · This has been done to improve traceability and accountability in cash-based transactions. · The RBI has said every transaction by a remitter will now require validation through an Additional Factor of Authentication (AFA). · Remitting banks must adhere to the regulations outlined in the Income Tax Act of 1961 regarding cash deposits.
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