Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 – Money changing activities https://www.taxtmi.com/circulars?id=11840 The circular clarifies that for sale of foreign exchange within a person's eligibility, Authorised Persons may accept payment only by crossed cheque on the sponsoring firm's bank account, banker's cheque, pay order, demand draft, debit card, credit card or prepaid card where the rupee payment exceeds the specified threshold; for multiple drawals within the permitted period, second and subsequent payments must be by these specified non cash instruments when the cumulative rupee payment exceeds the threshold. en-us Mon, 24 Sep 2012 00:00:00 +0530 Tue, 25 Sep 2012 10:41:00 +0530 TaxTMI RSS Generator Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 – Money changing activities https://www.taxtmi.com/circulars?id=11840 The circular clarifies that for sale of foreign exchange within a person's eligibility, Authorised Persons may accept payment only by crossed cheque on the sponsoring firm's bank account, banker's cheque, pay order, demand draft, debit card, credit card or prepaid card where the rupee payment exceeds the specified threshold; for multiple drawals within the permitted period, second and subsequent payments must be by these specified non cash instruments when the cumulative rupee payment exceeds the threshold. Circulars FEMA Mon, 24 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/circulars?id=11840