RBI has issued these instructions to the banks on the basis of a letter from Ministry of Home Affairs. What is the legal basis for the MHA letter? Sec. 46 of FCRA empowers the Government to give directions to various persons. However, these directions should be issued to help implement the provisions of the Act.
· RBI/2014-15/408 DCBR.BPD (PCB/RCB) Cir.No.13/14.01.062/2014-15 dated January 15, 2015; Available athttp://icmai.in/upload/pd/RBI-Circular-16012015.pdf
· RBI/2014-15/408 DCBR.BPD (PCB/RCB) Cir.No.13/14.01.062/2014-15 dated January 15, 2015; Available athttp://icmai.in/upload/pd/RBI-Circular-16012015.pdf
