RBI Positive Circular about SAOL dated 15 july 2011
Today RBI has come with a positive circular given to all banks about the payment given by SAOL to its panneist account in India.The Circular is yet to be publish and can be available by today or Monday on official website of RBI.
This circular is the instruction to banks that they can allow TT(Telegraphic Transfer) given by SAOL from outside India to remit the amount into Indian bank account of the panelist.
This is a positive sign for all the speakasian as this will allow the payments like earlier.
Earlier ,on May 28 RBI issued an circular to all banks that they may extra watch on the activity of SAOL money transfer and keep an eye to the panelist account,due to this the banks in India start denying the TT given by SAOL and other companies.
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