Large payments – mandatory through e-mode – RBI instructions
Come 1 st April 2008, All payment transactions of Rs. 1 Crore and above between the RBI regulated entities such as banks, primary dealers and NBFCs and All payments of Rs. 1 Crore and above in RBI regulated markets such as money market, Government securities market and foreign exchange market have to be mandatorily routed through electronic payment mechanism, as per a letter issued by RBI yesterday.
RBI /2007-2008/261 DPSS No. 1407 / 02.10.02 / 2007-2008 Dated the 10 th march 2008.