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NEFT
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The Reserve Bank of India mandated the incorporation of an FCRA-related transaction code in NEFT and RTGS systems.
The Reserve Bank of India has recently issued a circular dated 16th February 2023, announcing the introduction of a Foreign Contribution (Regulation) Act (FCRA) related transaction code in the NEFT and RTGS systems. This move is aimed at strengthening the transparency and accountability of transactions related to foreign contributions.
