RBI New Update – I am Ashis Agarwal from Team NGOenabler and today I have come up with a discussion on the recent circular of RBI released with respect to foreign remittances. The circular was released on 16th February, 2023 wherein the RBI introduced new FCRA related transaction code in NEFT and RTGS Systems and requested all the member banks to make the necessary changes in their respective systems.

To give you a brief background of the same, after the amendments in 2020, where the SBI, New Delhi Main Branch was made the only receiver bank for foreign contribution in the country, the MHA department asked for specific donor details for each donation such as name, address, country of origin, amount, currency, and purpose of remittance which was required to be captured and reported by SBI to the department on daily basis. https://www.ccilindia-lei.co.in/