NB.DoS.HO.POL.

I ZgGg I J-r I zotT-t9

z8 September 2o1T Circular No.-238 lDos.-2!lzot7
The Managing Directors / Chief Executive Officers of
All the State Cooperative Banks /
District Central Cooperative Banks in the Country

Madam / Dear Sir

Amend,ment to Prevention of Money Laundering (maintenance of records)

rules 2oo5 relating to Small Accounts
We advise that the Ministry of Finance, GoI vide letter No. tlztlzor4-Fl (C-6gSSr) dated
z8 August zory had forwarded the Notification No. G.S.R. roS8(E) dated 2L.o8.2oL7
(copy attached for ready reference) on the amendments relating to the Prevention of
Money-laundering (Maintenance of Records) Rules, 2oo5, namely: -

1. (r) These rules maybe called the Prevention of Money-laundering (Maintenance

of Records) ThirdAmendment Rules, 2oL7.
(z) They shall come into force on the date of their publication in the Official
Gazette.

In the Prevention of Money-laundering (Maintenance of Records) Rules, 2oo5,

in rule z, in sub-rule (r), in clause (fb), in the sub-clause (iii), the following
proviso shall be inserted, namelY: -

,,provided that this limit on balance shall not be considered while

making deposits through government grants, welfare benefits and
payment against Procurements. ".

2. As you are aware, the I(YC Directions of RBI has already been forwarded to you
vide NABARD Circular No. NB.DoS.HO.POL l4gozlJ-tlzot5-r6 dated 8 March zo16 for
strict compliance. In this connection, we advise that in terms of Para g (x) of Master
Direction of RBI No. DBR.AML.BC. No.8r lr4.or.ootlzot5-t6 dated z5 February zot6
.,Master Direction - Know Your Customer (IgC) Direction, 2oL6" the characteristics
on
of a'Small Accountr have been defined.

Truerq fl 3ilrrrfiq Fnrs*fi

National Bank for Agriculture and Rural Development
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Department of SuPervision
plot No. C-24,,G, Block, Bandra-Kurla Complex, Bandra (E), lfurirUai - 4oo o51 . Th.: +9r 22 26531834 ' Fax: +gt 22 2653 oro3 ' E-mail: dos@nabard'org
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as above
 I4-Fl (C'6955 I )
Nn. 1 /21 i20
Government sf lndis
Financo
Depr ancial Serviccs

3'd Iloor,Ieevan Deep Building' YryS

Delhi
Dated 28s August20lT

1-o
Chief Bxccutive
I ndian Banks' Association

Murnbai

subj+ct:enttoofMoney-luunderingtmeinten.anceof
Rules,2
ng to $mell sosouint$'
Sir,
v of the Notification no'
of R.u*ue, Ministry of
G.S.R.
subject'
Financ
a of the Oovern lndia Noti No'
2. In thi copy
?(}1 ngirsertion o 2(fb)
l4/20l0rlF.No .$" ilated Deeember 16'
is also enclosed . '

3.IBAtocirculatetheabovenoti{icationstoallitsmemberbnnks
includine pri payment banks'
anks artd

Yours fhithfttitY'

Tel:23346874

Encl: as above
CopY to:
l.

* t ffii fequesr ro circurate among rurar cooperative banks

arrd RRBs
Siqte ments' for inforrnation and apprising the
4. Officsrs,
of
and members
Pradesh- with refertnce to note
0n
5. Chief Secretary,'Govemment of Madhya PMO
distress in MadhYa Pradesh received
front
agricultural

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Government of lndia
MinistrY of Finanse
(DePartment of Revenue)

Notification

New Delhi, the 16!t December', 20'10

of the Banking Cornpanies, Financial

aarnelY::-

2010"

(2) They shall come into force 0n the date of their publication in the
Official Gazette.

sf M fleggr{s. of
the
2. in
Nature and aotion Maintaining. and
of Eecords of
Tinre for: F atioh
|;;'-16u[tiiv of th lnstittrtions and
lnteiriedla'r:ies) Rules, 2005, -

(a) in rule 2,-

(i)afterclause(b),th3followingctauseshallbeinserted,namely:-
.,(bb) a:
ated Offjcer., meaF]S any officer.or a c!1ss of offieers
ed by
ab eompdfiy; either by nirne or by desiglration, for the se of
oBening sma[l accoqnts"'

by the banking companies, or financial

,ired

follr:i,ving elause shallhe inser'ted, nanrely:-

{iii) after qlause (fa), the
,'(fb) "Sr*all aocouni" rnearls a savir:6s acco-unt in a banking company r.lvhere-
 ns fihaneial Year does not exceed
nd hansfere la a month does not exceecl

s nol nxeeod ruPees fifiY thousandr'

{b} l0rulcg,afterFuh-rul(?).thefollowirrgsub+uleshsltbeinserted'nafndly;-

'bb an,individual who

(*), desires ?.
q

allowed to oPen sueh an

and affixation of signature or
ing the ascount

* .
Provided that

(i) tr
account,
-t[,,iffix
afffxed h

&ecount after harenty four months'

be' f
{tv} a $m
moneY
Iaundering rorl ofr+lio'n1
*h-;ii# & trre refen:ed
to iri rub rule ( ?) of rule 8r'; and

*ll not be aN
-Jlieni
small account
i" ru Produc{ion of
s referred to

(Nutification No. 1 4/201 81F"FIo"fi1212007-6$)

i'
l'
(S.R.lvlcena)
Under Se*retalY

2CI1fr.