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of <h1>Authorised Dealer Category II can issue forex pre-paid cards for travel; must comply with KYC, AML, and CFT rules.</h1> Authorised Dealer Category II entities are now permitted to issue forex pre-paid cards to residents traveling abroad for private or business purposes, provided they comply with KYC, AML, and CFT requirements. Settlement of these cards must occur through Authorised Dealer Category I banks. Additionally, Authorised Dealer Category II entities can open one Nostro account per currency for remittance settlements, with restrictions on balance usage and reporting requirements. All other instructions from the previous circular remain unchanged. These directions are issued under the Foreign Exchange Management Act, 1999, and do not override other legal permissions or approvals.
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