26-Mar-2019

Bank Audit- 2019 Guidance


1. RBI had vide a circular dated March 13th 2018, discontinued issuance of Letters of Undertakings and Letters of Comforts for imports into India. So, you must ascertain that no fresh LoU or LoC has been issued/renewed after 13th March 2018 for import transactions. However, the same is still valid for inland trade. 2. Name of the purchaser to be incorporated on the face of the DD/PO etc. w.e.f. 15-09-2018. Though, obviously copies of these instruments shall not be available with the bank for verification, you can at least test check the system by perusing these instruments issued during your visit to the branch. It is especially to be checked in branches where these instruments are written manually.

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