Walk-in-Money Transfers: All You Need to Know About Latest RBI Norms

The RBI has updated regulations for walk-in money transfers to enhance compliance and security. The new guidelines, effective from October 1, 2023, stipulate that individuals must provide valid identification and proof of address for transactions exceeding ₹50,000. Additionally, transfer limits have been revised, with daily limits capped at ₹5 lakhs. Agents facilitating these transfers are required to maintain detailed records and ensure that the transactions comply with anti-money laundering laws. These measures aim to curb fraud and money laundering while ensuring transparency in financial dealings. The RBI’s move underscores its commitment to secure and regulated financial practices in the sector.