Stay abreast with the latest developments in the professional domain along with in-depth analysis through the monthly BCA Journal. Get access to an engaging library of researched publications from the BCAS stable.
Learn MoreExplore past issues of BCA Journal & indulge in a treasure trove of high-quality professional content across format of print, videos & learning events from the BCAS stable.
Learn More
Part C : RBI/FEMA
60 A.P. (DIR Series) Circular No. 54, dated 26-5-2010 —
Remittance towards partici-pation in lottery, money circulation schemes, other
fictitious offers of cheap funds, etc.
This Circular reiterates that remittance from India in any
form towards participation in lottery schemes existing under different names,
like money circulation scheme or remittances for the purpose of securing prize
money/awards, etc. is prohibited under FEMA.
It also clarifies that any person resident in India
collecting and effecting/remitting such payments directly/indirectly outside
India will be liable for prosecution for contravention of FEMA as well as
regulations relating to Know Your Customer (KYC) norms/Anti Money Laundering
(AML) standards.
