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RBI alters NEFT and RTGS for daily reporting of foreign remittances

  • The Reserve Bank of India (RBI) has made changes to the NEFT and RTGS systems for Foreign Contribution Regulation Act (FCRA) related transactions.
  • This is in response to the Home Ministry’s requirement for the State Bank of India (SBI) to report all details of overseas donors, including the purpose of remittances, on a daily basis.
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