RBI Advisory : Beware of fictitious offers/lottery winnings/cheap funds offers

Reserve Bank of India (RBI) has issued an advisory cautioning customers and banks about fraudulent offers, lottery winnings and cheap funds offers. Members of public have also been cautioned against making any remittance towards participation in such schemes/offers from unknown entities since such remittances are illegal and any resident in India collecting and effecting/remitting such payments directly/indirectly outside India is liable to be proceeded against for contravention of the Foreign Exchange Management Act, 1999. They are also liable for violation of regulations relating to Know Your Customer (KYC) norms/Anti Money Laundering (AML) standards.

Please refer the enclosed RBI circular for details.