Rupee Softens 14 Paise Against Dollar Banking news. Jan 11, 2018 9:50 AM The benchmark BSE Sensex edged higher by 51.78 points or 0.15 per cent to 34,484.85 in opening trade. Mumbai: The rupee weakened 14 paise to trade at 63.74 against the US dollar in morning session on Thursday at the Interbank Foreign Exchange on increased demand for the American currency from banks and importers. Foreign fund outflows and rising crude oil prices also weighed on the rupee sentiment. Crude oil prices were ruling at around three-year high levels, putting pressure on the rupee as India is a major oil importer. A higher opening in domestic equity markets and the dollar's weakness against other currencies overseas kept the losses limited. On Wednesday, the rupee had bounced back to end higher by 11 paise at 63.60 against the US currency on bouts of dollar selling by exporters and corporates. Meanwhile, the benchmark BSE Sensex ed...
Carry your original ID to bank for transactions over Rs 50,000 The Government has made it mandatory for banks and financial institutions to check the original identification documents of individuals dealing in cash above the prescribed threshold, to weed out the use of forged or fake copies. The Department of Revenue in the Finance Ministry has issued a gazette notification making an amendment to the Prevention of Money-laundering (Maintenance of Records) Rules. The new rule now requires the reporting entity to compare "the copy of officially valid (identification) document so produced by the client with the original and recording the same on the copy". The Prevention of Money Laundering Act (PMLA) forms the core of the legal framework put in place by India to combat money laundering and generation of black money. The PMLA and its rules impose an obligation on reporting entities like banks, financial institutions and intermediaries to verify the...