The bank has modified the ‘Retail Outward Remittance Application’ form to include a declaration that ‘remittance is NOT for investment/purchase of Bitcoin/cryptocurrencies/virtual currencies”. Users intending to transfer money overseas under the Reserve Bank of India’s (RBI) liberalised remittance scheme now need to sign that declaration, which also dissuades customers from investing in ‘units of mutual funds/shares or any other capital instrument of a company dealing in bitcoins/cryptocurrency/virtual currencies’.
The modified form also seeks a declaration that the source of the funds to be remitted is not the redemption of crypto investments. The change comes several weeks after Indian lenders suspended banking services to local crypto exchanges and shut out overseas markets for traders.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now