Module: General Practice
Q65: Which of the following statements regarding transaction rules at the ₹50,000 threshold are correct?
Remittances (like demand drafts) for ₹50,000 or more must be by debit to an account or against a cheque, not against cash.
Payments for an RE's own products or credit card dues for ₹50,000 or more must be by debit to an account or against a cheque, and the PAN must be verified.
When selling third-party products, an RE must verify the identity and address of a walk-in customer for transactions above ₹50,000.
Co-operative banks can only issue 'at par' cheques to walk-in customers against cash for amounts less than ₹50,000.
Payments for an RE's own products or credit card dues for ₹50,000 or more must be by debit to an account or against a cheque, and the PAN must be verified.
When selling third-party products, an RE must verify the identity and address of a walk-in customer for transactions above ₹50,000.
Co-operative banks can only issue 'at par' cheques to walk-in customers against cash for amounts less than ₹50,000.
✅ Correct Answer: D
All four statements are correct regarding the ₹50,000 threshold for cash/remittances.
These cash limits are practical banking knowledge tested in RBI KYC Guidelines MCQs.
These cash limits are practical banking knowledge tested in RBI KYC Guidelines MCQs.