Guidelines on return/ despatch of dishonoured cheques?

Legal and Regulatory aspects of banking

In terms of RBI guidelines the paying bank should return dishonoured cheques presented through clearing houses strictly as per the return discipline prescribed for respective clearing house in terms of Uniform Regulations And Rules for Bankers’ Clearing Houses. According to RBI circular DBOD.No.BC.74/09.07.001/91-92 dated 28th January 1992, RBI had advised all the banks implement the…

PML Act 2002:Obligations of financial institutions and intermediaries

Legal and Regulatory aspects of banking

Prevention of Money Laundering Act, 2002 came into force with effect from July 1; 2005.  The Government of India has enacted PML Act to prevent money-laundering and to provide for confiscation of property derived from or involved in, money-laundering.  The Directorate of Enforcement in the Department of Revenue, Ministry of Finance is responsible for investigating…