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Violation of RBI Regulations

News and Press Release - Dated:- 25-11-2016 - Press Information Bureau Government of India Ministry of Finance 25-November-2016 17:14 IST 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 .....

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ansactions 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. 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 .....

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