In a bid to deter foreign currency investments through money laundering, the Central Bank has issued a circular where depositors must declare that their remittances are from legitimate sources. In the circular issued on December 15 which amends the December 13 circular offering incentives (an extra Rs.10 per dollar) for foreign currency conversions to rupees, [...]

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In a bid to deter foreign currency investments through money laundering, the Central Bank has issued a circular where depositors must declare that their remittances are from legitimate sources.

In the circular issued on December 15 which amends the December 13 circular offering incentives (an extra Rs.10 per dollar) for foreign currency conversions to rupees, the banking regulator said all foreign exchange conversions to rupees must be accompanied by a declaration that the money is through legal means.

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