Prepaid foreign currency cards must be sold with equivalent due diligence and KYC standards as other foreign currency instruments. Prepaid foreign currency cards are a form of foreign currency and authorised dealers/FFMCs selling prepaid foreign currency cards for travel purposes are required to comply with the same rigorous standards of due diligence and KYC as they would in case they were selling foreign currency notes/travellers cheques to their customers.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Prepaid foreign currency cards must be sold with equivalent due diligence and KYC standards as other foreign currency instruments.
Prepaid foreign currency cards are a form of foreign currency and authorised dealers/FFMCs selling prepaid foreign currency cards for travel purposes are required to comply with the same rigorous standards of due diligence and KYC as they would in case they were selling foreign currency notes/travellers cheques to their customers.
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