FATF NCCT List for LRS Remittances (2005 Circular)
No longer current — replaced by RBI Master Direction on 'Other Remittance Facilities' (updated as on April 06, 2023)
Source: Reserve Bank of India · RBI/2004-05/402 · issued 31 Mar 2005 · ~1 min read
Quick answerRBI directs AD banks to prohibit LRS remittances to FATF-identified NCCTs and maintain an updated list from FATF's website.
What changed
RBI issued a circular reminding AD banks that LRS remittances are not permitted to FATF-identified NCCTs (Cook Islands, Egypt, Guatemala, Indonesia, Myanmar, Nauru, Nigeria, Philippines, Ukraine) and advising them to keep an updated list from FATF's website.
What it means for you
Banks must proactively monitor FATF's NCCT list and block LRS transactions to those jurisdictions. This adds a compliance layer for remittance processing, requiring regular updates and customer communication to avoid inadvertent violations.
Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.
What banks were required to do at the time
Designate a team to periodically check FATF's website for the latest NCCT list.
Update internal systems and branch guidelines to block LRS remittances to listed countries.
Communicate the restriction to customers and frontline staff handling remittances.
Maintain audit trails of list updates and transaction blocks for regulatory review.
Superseded by — RBI Master Direction on 'Other Remittance Facilities' (updated as on April 06, 2023)
Status change: superseded09 Jul 2026, 04:02 IST
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
Which countries were listed as NCCTs in this circular?
The circular listed Cook Islands, Egypt, Guatemala, Indonesia, Myanmar, Nauru, Nigeria, Philippines, and Ukraine as non-cooperative countries.
📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Superseded byRBI Master Direction on 'Other Remittance Facilities' (updated as on April 06, 2
📜 Read the original circular — full text as issued by RBI
RBI/2004-05/402
A.P. (DIR Series) Circular No. 38
March 31, 2005
To
All Banks Authorised to Deal in Foreign Exchange
Madam/Sirs,
Liberalised Remittance Scheme of USD 25,000 for Resident Individuals
Attention of the Authorsed Dealers (AD) banks is invited to paragraph 3.4(iii) of A.P.(DIR Series) Circular No.64 dated February 4, 2004 , in terms of which remittance under the captioned Scheme is not permitted, directly or indirectly, to countries identified by the Financial Action Task Force (FATF) as 'non co-operative countries and territories (NCCTs)' viz. Cook Islands, Egypt, Guatemala, Indonesia, Myanmar, Nauru, Nigeria, Philippines and Ukraine.
2. In this connection, AD banks are advised that they may keep a record of the countries identified by FATF as non co-operative countries and territories and accordingly update the list from time to time for necessary action by their branches handling the transactions under the Liberalised Remittance Scheme. For this purpose, they may access the website www.fatf-gafi.org to obtain the latest list of non-co-operative countries notified by FATF.
3. AD banks may bring the contents of this circular to the notice of their constituents and customers concerned.
4. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and is without prejudice to permissions/ approvals, if any, required under any other law.
Yours faithfully,
F. R. Joseph
Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2004-05/402 · issued 31 Mar 2005. The plain-English explanation above is BankPulse’s own independent summary.
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BankPulse Compliance Evidence Pack — generated 05 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=2172&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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