RBI New Rule: Read this important order before to do money transaction

RBI New Rule: Cases of illegal money transfer are increasing in the country. For this reason, the Reserve Bank of India (RBI) is keeping an eye on the money transfers that take place in banks. Even if money is transferred from account to account, the exact reason must be given. Now RBI has implemented new rules.

Henceforth, the new rules issued by the Reserve Bank of India (RBI) will come into force while making money transfers above Rs 50000. But at present this rule is applicable only on the transaction of foreign money (international money transfer). In 2005, the central government had for the first time framed a rule to prevent money laundering.

But as per this rule this time will be applicable for international transactions above Rs 5000. But RBI has amended the same rule and every transaction above Rs 50000 will be subject to scrutiny. Full explanation needs to be given while transferring money from abroad to India. For what purpose the money is transferred, to whom the money is being paid.

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RBI will do the work of getting all kinds of information like what is the source of money. Digital payments have been increased in India to prevent illegal money transfer. RBI will also monitor the amount deposited in bank branches. The information will also be obtained even when more than 10 lakhs money is withdrawn from the account suspiciously.

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After the note ban in the country, many rules have been implemented regarding money transfer. Control has also been imposed on cash transactions in banks. Rules for depositing money into bank accounts and withdrawing money have also been formulated. Bank officials are allowed to freeze the customer’s account as soon as suspicious money transfer takes place in the bank branches.

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Then the account will be reactivated after you provide the correct documents. Failure to provide appropriate documentation regarding money transfer will result in account activation. In e-banks too, more attention is being paid towards digital payments instead of cash transactions. In this regard, mobile banking, internet banking business is being given more priority. Transfer of money is possible only if proper documentation is provided.