Anil Mahadeo More (ACCOUNTANT) 26 November 2016
DBOD. AML. BC. No. 12 /14 .01.001/2008-09
July 1, 2008
The Chairman/CEOs of all Scheduled Commercial Banks ( Excluding RRBs) /
all Financial Institutions
Master Circular – Know Your Customer (KYC) norms /
Anti-Money Laundering (AML) standards/
Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002
Reserve Bank of India has issued regulatory guidelines on Know Your Customer (KYC) norms / Anti Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT) from time to time. This Master Circular consolidates all the guidelines issued by Reserve Bank of India on KYC/AML/CFT norms up to June 30, 2008.
Chief General Manager
Siddharth Goel (Chartered Accountant) 20 June 2018
The official website of RBI uses "Lakhs" consistently throughout the website and hence it should be followed in all correspondences.
RBI is meticulous in the use of words and spellings in all its circulars, policies, research papers, annual reports, and publications. It prefers lakh, which is in line with the idiomatic usage.
As per master circular issued by RBI to its operating banks suggests usage of lakh than lac. But the draft of RBI instruction is not available for public since its a correspondence between central bank and other banks.
Monu Prajapati 07 February 2020
As per the master circular there is not mandatorily requirement of the word "Lakh" and "Lac" to be written on cheque issuance, now it depends on individul preference what he feels better he can use. But it is suggested not to write "Lakhs: and "Lacs" it should only be written as "Lakh" and "Lac"