https://www.taxtmi.com/highlights?id=77892 The RBI issued instructions on Money Changing Activities u/s 10(4) and 11(1) of the Foreign Exchange Management Act, 1999. FFMCs/non-bank ADs Category-II must maintain a 75% ratio between foreign currency notes sold and purchased quarterly starting July 1, 2024. They must submit annual audited balance sheets with NOF certification by Oct 31. Compliance is mandatory and non-compliance may lead to penalties. The FED Master Direction No.3 is being updated to reflect these changes. en-us Tue, 28 May 2024 18:09:43 +0530 Tue, 28 May 2024 18:09:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=77892 The RBI issued instructions on Money Changing Activities u/s 10(4) and 11(1) of the Foreign Exchange Management Act, 1999. FFMCs/non-bank ADs Category-II must maintain a 75% ratio between foreign currency notes sold and purchased quarterly starting July 1, 2024. They must submit annual audited balance sheets with NOF certification by Oct 31. Compliance is mandatory and non-compliance may lead to penalties. The FED Master Direction No.3 is being updated to reflect these changes. Highlights FEMA Tue, 28 May 2024 18:09:43 +0530 https://www.taxtmi.com/highlights?id=77892