October 10, 2014 9:33 AM

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RBI permits remittances to PM relief fund through exchange houses

The Reserve Bank of India permitted remittances to Prime Minister's National Relief Fund through Exchange Houses on the condition such that the fund should be directly credited to the banks and the banks maintain full details of the remitters. The RBI in a notification issued in Mumbai further said that the rupee drawing arrangements with exchange houses are mainly designed to channel inward personal transfer of funds. Donations and contributions to charitable institutions are not allowed to be routed through exchange houses.

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