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Violation of RBI Regulations

profile picture Guest    Posted on 26 November 2016,  
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Reserve Bank of India (RBI) has informed that Public Sector Banks (PSBs) have not been found to have deliberately indulged in forex frauds, though staff collusion in the irregularities in the import transactions detected in the Bank of Baroda (BOB) case cannot be ruled out.

BOB reported a case with the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) on Sept 24, 2015 regarding serious irregularities having been committed in overseas remittances of foreign exchange suspecting money laundering in the Ashok Vihar Branch of the bank. CBI and ED have registered cases on the basis of a complaint filed by BOB. CBI has informed that charge sheet has been filed in the court. Case is under further investigation against other bank officials and private persons.

RBI has informed that comprehensive guidelines on handling export/import transactions have been issued to all Authorised Dealer (AD) banks covering inter-alia, advance remittance for imports, submission of evidence for imports, follow up and monitoring of overdue cases and reporting requirements etc.

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In order to streamline import monitoring systems across different agencies viz. AD banks, customs and the STPI/SEZ, RBI has devised an Import Data Processing and Monitoring System (IDPMS) which will facilitate tracking of each and every import transaction without exception. IDPMS is already functional since October 10, 2016.

Strict directions have been issued to all AD Category banks to ensure adherence to extant guidelines on export/imports and to look into internal security/system administration aspects, such that system capabilities including alerts/warning protocols provided therein are not compromised or ignored.

This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.

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Comments
9 years ago dr g balakrishnan

RBI role is its role as an institution; judiciary role is exclusive of the constitutional courts...when so some Art 12 PMO could hijack the roles of other institutions? does the constitution mean so to you, n your great interpretation under Art 368 reads.


9 years ago dr g balakrishnan

... if so why do you have judiciary? do you mean judiciary is subservient to PM? if so the governance could be termed as 'arbitrary'? under Art 14, PM cannot act as he thinks, is obvious? if so what Art 32 or 226 shd do you think?


9 years ago dr g balakrishnan

PM is to run the routine governance of the Nation; he has to account for taxes he collected through his FM , i.e. Expenditure needs to be accounted; he cannot charge exorbitant taxes. If he excessively charges taxes, he runs the risk of facing peoples' wrath; shd PM behave as he wishes? do you support such activities of PM?...


9 years ago dr g balakrishnan

RBI is the authorized regulator of banks and money, including 'cash'; who is PM to take the role of RBI, pls answer.


9 years ago dr g balakrishnan

today very Modi government violates the role of RBI, what is your take sir ?




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