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of <h1>Foreign Exchange Update: Encashment Certificates Now on Dealer Letterheads, Not Security Paper; Record-Keeping Essential for Dealers.</h1> The circular addresses the issuance of Encashment Certificates (EC) by Category I Authorised Dealers in Foreign Exchange. It references previous guidelines under the Exchange Control Manual, requiring dealers to issue ECs for all foreign exchange purchases, regardless of the submission of a Currency Declaration Form. The circular eliminates the need for ECs on security paper, allowing issuance on dealer letterheads upon customer request, regardless of the amount. Dealers must maintain records of issued ECs and inform customers that without an EC, non-resident visitors cannot convert unspent local currency. These directives are under the Foreign Exchange Management Act 1999.
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