Memorandum of Instructions governing money changing activities
- Wednesday, October 12, 2011, 9:49
- RBI / FEMA
- Notification
RBI/2011-12/216
A.P. (DIR Series) Circular No.33 , Date- October 12, 2011
Memorandum of Instructions governing money changing activities
Attention of Authorised Persons is invited to Parts A and E of the Annex I to the Memorandum of Instructions governing money changing activities, issued vide A. P. (DIR Series) Circular No. 57 [A.P. (FL/RL Series) Circular No. 04] dated March 9, 2009.
2. It has been decided to amend certain instructions contained in the aforementioned Parts. The amended instructions are given in the Annex.
3. All the other instructions contained in the A.P.(DIR Series) Circular No.57 {A.P.(FL/RL Series ) Circular No.4} dated March 9, 2009 shall remain unchanged.
4. Authorised Persons may bring the contents of this circular to the notice of their constituents concerned.
5. The directions contained in this Circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and non-compliance with the guidelines would attract penal provisions of Section 11(3) of the Act ibid.
Yours faithfully,
(Meena Hemchandra)
Chief General Manager-in-Charge
Annex
[Annex to A. P. (DIR Series) Circular No. 33
dated October 12, 2011]
| Paragraph No. [cf. Annex-I to the A.P.(DIR Series) Circular No.57 {A.P.(FL/RL Series) Circular No.4} dated March 9, 2009] |
Earlier guidelines |
Revised guidelines |
|
Note at the end of Part A |
[Note:- No fresh authorization will be issued to Urban Cooperative Banks (UCBs) to function as FFMCs]. |
[Note: Urban Cooperative Banks (UCBs), fulfilling the eligibility norms, would be considered for authorization as Authorised Dealer Category-I / Authorised Dealer Category -II only.] |
|
(E) 6 – Sales against Reconversion of Indian Currency |
Note (2) : ADs Category – I and ADs Category – II may provide facility for reconversion of Indian Rupees to the extent of Rs. 50,000/- to foreign tourists (not NRIs) against ATM Receipts based on the following documents. |
Note (2) : ADs Category – I, ADs Category – II and FFMCs may provide facility for reconversion of Indian Rupees to the extent of Rs. 50,000/- to foreign tourists (not NRIs) against ATM Receipts based on the following documents. |
Related posts:
- RBI’s Master Circular dated 1-7-2011 on Memorandum of Instructions governing money changing activities
- RBI Circular on Money changing activities- A.P. (DIR Series) Circular No. 27
- Memorandum of Instructions for Opening and Maintenance of Rupee /Foreign Currency Vostro Accounts of Non-resident Exchange Houses
- RBI Circular on Money changing activities–Suspicious Transaction Reporting Format, Prevention of Money-Laundering Act
- FEMA- Participation by Full Fledged Money Changers (FFMCs) and Authorised Dealers Category-II (ADs Category-II) in the Currency Futures and the Exchange traded Currency
