Further expanding its anti-money laundering measures, The Reserve Bank of India (RBI) with regards to cash transaction reports (CTR), has reiterated that the cut-off limit of Rs 10 lakh is applicable to integrally connected cash transactions as well.
Further, after consultation with FIU-IND, the central bank has clarified that for determining integrally connected cash transactions, banks should take into account all individual cash transactions in an account during a calendar month, where either debit or credit summation, computed separately, exceeding Rs 10 lakh during the month. However, while filing CTR, details of individual cash transactions below Rs 50,000 may not be indicated.
Accordingly, CTR should contain only those transactions carried out by the bank on behalf of their clients or customers excluding transactions between the internal accounts of the bank
All cash transactions, where forged or counterfeit Indian currency notes have been used as genuine should be reported by the principal officer to Financial Intelligence Unit-India (FIU-IND) immediately in the format as Counterfeit Currency Report (CCR), said the RBI.
