Solution

Statement A is incorrect because the RBI guidelines require recording both the name and address of the beneficiary for cash payouts, not just the name. Statement B is incorrect because the new guidelines are effective from November 1, not October 1. Statement C is incorrect because remitting banks and BCs must register the remitter’s details based on a verified cell phone number and a self-certified ‘Officially Valid Document (OVD)’, not an unverified cell phone number and an OVD without self-certification. Statement D is correct as per the new RBI guidelines; every transaction by a remitter will indeed be validated by an Additional Factor of Authentication (AFA). Statement E is incorrect because the remitting banks and BCs must comply with the Income Tax Act, 1961, not the Foreign Exchange Management Act, 1999.