RBI/2008-09/126
UBD.PCB. Cir . No.6/12.05.000 /2008-09
August 12 , 2008
The Chief Executive Officer of
All Primary (Urban) Co-op. Banks
Dear Sir/Madam
RBI cautions Public against Fictitious offers of
Remitting cheap funds from abroad
As you may be aware, fictitious lottery and money circulation schemes aimed at defrauding members of the public have come to light from time to time. It is clarified that remittances in any form towards participation in lottery schemes is prohibited under Foreign Exchange Management Act, 1999. Further, these restrictions are also applicable to remittances for participation in lottery-like schemes functioning under different names, such as money circulation scheme or remittances for the purpose of securing prize money/awards etc. We invite a reference in this connection to a Press Release on the subject dated December 7, 2007 issued by the Reserve Bank of India (copy enclosed). You are advised to bring the contents of the press release to the notice of your customers.
Yours faithfully
(A.K. Khound)
Chief General Manager-in-Charge
CAclubindia
CA. A. Kumar
Published in Community & General