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Banks' 'blind faith' in valuer's word comes under test: Cross-border payments in for more scrutiny
A recent ruling questions banks' reliance on CA certificates for cross-border payments, potentially increasing scrutiny of outward remittances. The appellate tribunal SAFEMA criticized HDFC Bank for blindly accepting a valuation report in a JP Morgan deal. This decision could force banks to more rigorously examine financial documents, impacting individuals, businesses, and professionals involved in foreign exchange transactions.
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