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of <h1>New Rules for Money Changers: Sell 75% of Purchased Foreign Currency to Public Quarterly, Effective July 2024.</h1> The circular addresses authorized persons in foreign exchange, highlighting updates to money-changing activities. Effective July 1, 2024, Full Fledged Money Changers (FFMCs) and non-bank Authorized Dealers (ADs) Category-II must ensure that at least 75% of the foreign currency notes they purchase from other FFMCs/ADs are sold to the public for permitted purposes quarterly. They must maintain records for audit purposes and verify the 'sale to public' requirements of purchasing entities. Additionally, these entities are required to submit their annual audited balance sheet and a statutory auditor's certificate to the Reserve Bank's Regional Office by October 31 each year. These directives are issued under the Foreign Exchange Management Act, 1999.
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