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The Reserve Bank of India has asked banks authorised to deal in foreign exchange (Authorised Dealer-I Banks) to share data with the Directorate of Revenue Intelligence (DRI).
This directive comes in the wake of the government making rules (in December 2017) to exercise powers conferred by the relevant sections of the Customs Act, requiring a banking company to furnish, electronically, information relating to foreign exchange transactions made or received by any person to the receiving authority (DRI).
“All AD Category I banks are advised to ensure compliance with the same with immediate effect,” the RBI said. DRI is the apex intelligence and investigative agency for matters relating to violation of the Customs Act.
Under the new rules, in the case of inward remittances, the agency can seek information relating to a remittee’s name, address, permanent account number (PAN), Goods and Service Tax Identification Number (GSTIN), Aadhaar number, bank account number and Indian Financial System Code (IFSC) as also remitter’s details relating to name, address, and SWIFT-BIC (Society for Worldwide Interbank Financial Telecommunication – Bank Identifier Code).
In the case of outward remittances, the agency can seek information relating to a remitter’s name, address, PAN, GSTIN, Aadhaar number, bank account number and IFSC as also the remittee’s details relating to name, address, and SWIFT-BIC.
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