SC: No Remand if the Appellate Court Can Decide the Issue on Existing Evidence  ||  SC: S.69 Evidence Act Applies to Will Only if S.68 Attestation Proof is Impossible  ||  SC: Superior’s Mere Reprimand Not Abetment of Suicide without Intent to Provoke Death  ||  SC: Speedy Trial is Victim’s Right; Gangsters Act Case Cannot Stall Other Trials  ||  Supreme Court Issues Directions to Curb Unaccounted Cash in Elections to Protect Democracy  ||  Supreme Court Issues Directions to Prevent Fake Sureties in Bail Cases Involving Foreigners  ||  Madras HC: Police Cannot Arbitrarily Bar Carrying Indian Flag at Peaceful Rallies  ||  Delhi HC Bars JNU from Granting Student Admissions Using Deprivation Points  ||  Kerala High Court Flags Misuse of POCSO in Marital Disputes and Acquits Man Accused of Rape  ||  Calcutta HC orders Urgent EWS Certificate Decision, Says Mother's Voter Deletion Irrelevant    

Customer due diligence for transactions in virtual currencies- (Reserve Bank of India) (31 May 2021)

MANU/RMIC/0075/2021

Banking

1. It has come to our attention through media reports that certain banks/ regulated entities have cautioned their customers against dealing in virtual currencies by making a reference to the RBI circular DBR.No.BP.BC.104/08.13.102/2017-18 dated April 06, 2018. Such references to the above circular by banks/ regulated entities are not in order as this circular was set aside by the Hon'ble Supreme Court on March 04, 2020 in the matter of Writ Petition (Civil) No.528 of 2018 (Internet and Mobile Association of India v. Reserve Bank of India). As such, in view of the order of the Hon'ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from.

2. Banks, as well as other entities addressed above, may, however, continue to carry out customer due diligence processes in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT) and obligations of regulated entities under Prevention of Money Laundering Act, (PMLA), 2002 in addition to ensuring compliance with relevant provisions under Foreign Exchange Management Act (FEMA) for overseas remittances.

Tags : CUSTOMER   DUE DILIGENCE   TRANSACTIONS  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved