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Master Circular on Memorandum of Instructions governing money changing activities
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....ircular is being issued with a sunset clause. It will stand withdrawn on July 1, 2011 and would be replaced by an updated Master Circular on the subject. Yours faithfully, (Salim Gangadharan) Chief General Manager-in-Charge INDEX SECTION-I.. Guidelines for Licencing and other Approvals for Authorised Money Changers (AMCs) SECTION II. Guidelines for Grant of Authorisation for Additional Branches :- SECTION III…... 22770 Guidelines for appointment of Agents / Franchisees by Authorized Dealer Category – I Banks, Authorized Dealers Category - II and FFMCS :- - 9 SECTION IV 13 Guidelines for Renewal of licences of existing FFMCs :. 13 SECTION V 14 Operational Instructions 14 SECTION VI .24 KYC/ AML/CFT Guidelines SECTION VII 'Fit and proper' criteria for directors of FFMCs / non-bank ADs Category - II. Annex-l .24 .25 26 29 KYC/AML/CFT Guidelines for money changing activites. .29 Annex-II 53 Application Form for FFMC licence under section 10(1) of FEMA, 1999 53 Annex-III 55 Form RMC-F .55 Annex-IV FLM 1 56 58 8877858 56 Annex-V FLM 2 Annex-VI FLM 3 Annex-VII FLM 4 Annex-VIII FLM 5 Annex-IX FLM 6 Annex-X. FLM 7 A....
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....y -I Banks / ADs Category - II / FFMCs cannot sell foreign currency. 2 2. Guidelines for issuance of FFMC Licence :- The guidelines for issue of new FFMC licence and renewal of FFMC licence, branch licensing, approval for appointment of agents / franchisees and Know Your Customer (KYC) / Anti Money Laundering (AML) / Combatting the Financing of Terrorism (CFT) Guidelines for Authorised Persons are given below. These guidelines are indicative and the Reserve Bank may take into account other relevant factors like increase in outreach, location, etc. while considering applications for licences. (i) Entry Norms (i) The applicant has to be a company registered under the Companies Act, 1956. (ii) The minimum Net Owned Funds (NOF) required for consideration as FFMC are as follows: Category Minimum Net Owned Funds Single branch FFMC Rs. 25 lakh. Multiple branch FFMC Rs. 50 lakh. Note :- The Net Owned Funds of applicants, other than banks, should be calculated as per the following. (a) Owned Funds :- (Paid-up Equity Capital + Free reserves + Credit balance in Profit & Loss A/c) minus (Accumulated balance of loss, Deferred revenue expenditure and Other intangible....
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.... the licencing requirements, who facilitate an increase in outreach, have locational advantage, like being located in border areas, tourist centers, etc. 'Fit and proper' criteria for the applicant FFMCs # If any case by DoE / DRI or any other case by any other law enforcing authorities, is initiated / pending against any company / its directors, the company will not be considered as 'fit and proper' and its application will not be considered for licencing as FFMC. (# Also applicable to non-bank ADs Category - II) (iii) (iv) (V) 'Fit and proper' criteria for directors of FFMCs * Please see SECTION- VIII for the details in this regard. (* Also applicable to non-bank ADs Category - II) Clearance by the Empowered Committee The request for issuance of FFMC licence would be considered by the Regional Office concerned of the Reserve Bank on the basis of the clearance by an Empowered Committee, set up for the purpose. Reserve Bank's decision in the matter of granting approval or otherwise will be final and binding. 5 (vi) (vii) On obtaining approval from the Reserve Bank, a copy of the registration under Shops & Establishment Act or any other documentary evidence....
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....ed, a view will be taken, on the basis 7 (d) (e) of the nature of the offence, provided no fresh case is instituted by DoE / DRI. A copy of the KYC / AML/CFT policy framework existing in the company. Brief write-up on the internal control systems, including internal and external audit. 3. With an objective to have proper distribution of branches of FFMCs in metros and non-metros, the applications for additional offices in metropolitan cities will be considered if the total number of offices (including proposed offices) of the applicant are in the ratio 1:1 (i.e. the applicant has one non-metropolitan office for every office in a metro). For this purpose, in addition to Mumbai, New Delhi, Chennai and Kolkata, three more cities viz., Bangalore, Hyderabad and Ahmedabad are considered as metropolitan centers. Preference will be given to applications for branches in remote areas of tourist attraction. 4. A copy of the registration under Shops & Establishment Act or any other documentary evidence such as rent receipt, copy of lease agreement, etc. should be submitted to the Regional Office concerned of the Reserve Bank before commencement of business at an additional....
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....to comply with all the provisions of the franchising agreement and prevailing Reserve Bank regulations regarding money changing. Approval would be granted by the Reserve Bank for the first franchisee arrangement. Thereafter, as and when new franchisee agreements are entered into, these would have to be reported to the Reserve Bank in Form RMC-F (Annex-III) on a post-facto basis along with similar declaration as indicated above. 5. Due Diligence of Franchisees The AD Category Banks · I / ADs Category - II / FFMCs should undertake the following minimum checks while conducting the due diligence of the franchisees : • existing business activities of the franchisee ; its position in the area. · minimum Net Owned Funds of the franchisee. • Shops & Establishments / other applicable municipal certification in favour of the franchisee. • verification of physical existence of location of the franchisee, where restricted money changing activities will be conducted. 10 • • conduct certificate of the franchisee from the local police authorities. (certified copy of Memorandum and Articles of Association and Certificate of Incorporation ....
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....II / FFMCs. Note:- No licence for appointment of franchisees will be issued to any FFMC / non-bank AD Category - II, against whom any major DoE / DRI / CBI / Police case is pending. In case where any FFMC / non-bank AD Category - Il has received one-time approval for appointing franchisees and subsequent to the date of approval, any DoE / DRI / CBI / Police case is filed, the FFMC / non- bank AD Category - II should not appoint any further franchisees and bring the matter to the notice of the Reserve Bank immediately. A decision will be taken by the Reserve Bank regarding allowing the FFMC / non-bank AD Category - II to appoint franchisees. 12 SECTION IV Guidelines for Renewal of licences of existing FFMCs : 1. The applicant should be a company registered under the Companies Act, 1956 having registered office within the area of jurisdiction of the respective Regional Office of the Foreign Exchange Department. 2. 3. The Net Owned Funds required are as follows: Category Single branch FFMC Multiple branch FFMC Minimum Net Owned Funds Rs. 25 lakh Rs. 50 lakh Applications for renewal should be submitted along with the documents, mentioned below. (a) (b) (c) ....
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.... CDF, the tenderer should be asked to produce the same. The AMC should invariably insist on production of declaration in CDF. (ii) AMCS may sell Indian Rupees to foreign tourists / visitors against International Credit Cards and take prompt steps to obtain reimbursement through normal banking channels. 14 3. Encashment Certificate (i) AMCS may issue certificate of encashment when asked for in cases of purchases of foreign currency notes, coins and travellers cheques from residents as well as non-residents. These certificates bearing authorized signatures should be issued on the letter head of the money changer and proper record should be maintained. (ii) In cases where encashment certificate is not issued, attention of the customers should be drawn to the fact that unspent local currency held by non- residents will be allowed to be converted into foreign currency only against production of a valid encashment certificate. 4. Purchases from other AMCs and Authorized Dealers(ADs) AMCs may purchase from other AMCs and ADs any foreign currency notes, coins and encashed travellers' cheques tendered in the normal course of business. Rupee equivalent of the amount of....
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....ly by a crossed cheque drawn on the applicant's bank account or crossed cheque drawn on the bank account of the firm / company sponsoring the visit of the applicant or Banker's cheque / Pay Order / Demand Draft. For this purpose, where the Rupee equivalent of foreign exchange drawn exceeds Rs. 50,000/- either for any single drawal or more than one drawal reckoned together for a single journey visit, it should be paid by crossed cheque/ Banker's cheque / 16 V. Pay Order/Demand Draft. In addition to the payment by Rupees/ through crossed cheque/ Banker's cheque/ Pay order/ Demand draft, AMCs may also accept the payments made by the traveller through debit cards/ credit cards/ prepaid cards for travel abroad (for private visit or for any other purpose) provided- (i) KYC/ AML/CFT guidelines are complied with, (ii) sale of foreign currency/ issue of foreign currency travellers' cheques is within the limits (credit/ prepaid cards) prescribed by the bank, (iii) the purchaser of foreign currency/ foreign currency travellers' cheque and the credit/debit/ prepaid card holder is one and the same person. The sale of foreign currency notes and coins within the overall entitlem....
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....cash. 18 11. (i) Replenishment of Foreign currency Balances AMCS may obtain their normal business requirements of foreign currency notes from other AMCs (including RMCs) / authorized dealers in foreign exchange in India, against payment in rupees made by way of account payee crossed cheque/ Demand Draft. (ii) Where AMCS are unable to replenish their stock in this manner, they may make an application to the Forex Markets Division, Foreign Exchange Department, Central Office, Reserve Bank of India, Mumbai through an AD Category-1 for permission to import foreign currency into India. The import should take place through the designated AD Category-I through whom the application is made. 12. Export / Disposal of surplus Foreign Currency Notes / Travellers' Cheques AMCS may export surplus foreign currency notes / encashed travellers' cheques to an overseas bank through designated Authorized Dealer Category - I in foreign exchange for realization of their value through the latter. FFMCs may also export surplus foreign currency to private money changers abroad subject to the condition that either the realizable value is credited in advance to the AD Category - I bank's....
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....ed the license, a monthly consolidated statement for all its offices in respect of sale and purchase of foreign currency notes in form FLM 8 (Annex-XI) so as to reach not later than the 10th of the succeeding month. Similarly RMCs should submit to the office of Reserve Bank under whose jurisdiction they are functioning, a quarterly statement in form RLM 3 (Annex- XII). The statement duly certified by the AD Category-I Banks / ADs Category-II / FFMC should reach the Reserve Bank not later than the 10th day of the month following the quarter. In case the purchased foreign currencies are surrendered to different authorized dealers / FFMCs, separate quarterly statements should be prepared to facilitate independent certification by each such authorized dealer / FFMC. AMCS should submit to the Regional Office concerned of the Foreign Exchange Department, Reserve Bank, a monthly statement indicating details of receipt / purchase of US $ 10,000 (or its equivalent) and above per transactions in the enclosed format as at Annex-XIII, within 10 days of the close of the month. FFMCS / ADs Category - II should include transactions of their franchisees in their statement. AMCS s....
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....d of the Foreign Exchange Department of the Reserve Bank. Full details such as period for which the exchange counter will be operated, volume of business expected, manner 22 of accounting of the transactions, letter from organizers making available venue for the money changing facilities, etc should be submitted. 19. Opening of Foreign Currency Accounts by AMCS AMCs, with the approval of the respective Regional Offices of the Foreign Exchange Department, may be allowed to open Foreign Currency Accounts in India, subject to the following conditions:- (i) (ii) Only one account may be permitted at a particular centre. Only the value of foreign currency notes/ encashed TCs exported through the specific bank and realized can be credited to the account. (iii) Balances in the accounts shall be utilized only for settlement of liabilities on account of- (a) TCs sold by the AMCs and (b) Foreign currency notes acquired by the AMCs from AD Category-I banks. (iv) No idle balance shall be maintained in the said account. 20. Submission of Balance Sheet and maintenance of NOF All AMCs are required to submit their annual audited balance sheet to the respective Regional o....
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....of self- declaration, verification reports from market, etc. FFMCs / non-bank ADs Category - Il should obtain necessary information and declaration from the proposed / existing directors for the purpose in Proforma given at the end. (b) The process of due diligence should be undertaken by the FFMCs / non-bank ADs Category - II at the time of appointment / renewal of appointment. (c) The Boards of the FFMCs / non-bank ADs Category Il should constitute Nomination Committees to scrutinize the declarations. (d) Based on the information provided in the signed declaration, Nomination Committees should decide on the acceptance or otherwise and may make references, where considered necessary to the appropriate authority / persons, to ensure their compliance with the requirements indicated. (e) FFMCS / non-bank ADs Category - II should obtain annually as on 31st March a simple declaration that the information already provided has not undergone 26 change and where there is any change, requisite details are furnished by the directors forthwith. (f) Further, the candidate should normally not exceed 70 years of age, should not be a Member of Parliament / Member of Legislati....
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....roceeds of crime are exchanged for "clean money" or other assets with no obvious link to their criminal origins. There are three stages of money laundering during which there may be numerous transactions made by launderers that could alert an institution to criminal activity - • Placement • • activity. - the physical disposal of cash proceeds derived from illegal Layering - separating illicit proceeds from their source by creating complex layers of financial transactions designed to disguise the audit trail and provide anonymity. Integration - the provision of apparent legitimacy to criminally derived wealth. If the layering process has succeeded, integration schemes place the 29 laundered proceeds back into the economy in such a way that they re-enter the financial system appearing to be normal business funds. 2. The objective The objective of prescribing KYC/AML/CFT guidelines is to prevent the system of purchase and / or sale of foreign currency notes / Travellers' cheques by Authorised Persons (referred as APs hereinafter) from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing ....
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....ndering Act, (PMLA), 2002, as amended by Prevention of Money 31 b) (iv) (v) Laundering (Amendment) Act, 2009, Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005 as well as instructions/guidelines issued by the Reserve Bank, from time to time. Not to undertake any transaction where the AP is unable to apply appropriate customer due diligence measures i.e. AP is unable to verify the identity and /or obtain documents required as per the risk categorisation due to non cooperation of the customer or non reliability of the data/information furnished to the AP. It is, however, necessary to have suitable built in safeguards to avoid harassment of the customer. Circumstances, in which a customer is permitted to act on behalf of another person/entity, should be clearly spelt out, the beneficial owner should be identified and all reasonable steps should be taken to verify his identity. APs should pr....
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....edure (CIP) a) The policy approved by the Board of APs should clearly spell out the Customer Identification Procedure to be carried out at different stages i.e. while establishing a business relationship; carrying out a financial transaction or when the AP has a doubt about the authenticity/veracity or the adequacy of the previously obtained customer identification data. Customer identification means identifying the customer and verifying his/her identity by using reliable, independent source documents, data or information. APs need to obtain sufficient information necessary to establish, to their satisfaction, the identity of each new customer, whether occasional or business relationship, and the purpose of the intended nature of 33 relationship. Being satisfied means that the AP must be able to satisfy the competent authorities that due diligence was observed based on the risk profile of the customer in compliance with the extant guidelines in place. Such risk based approach is considered necessary to avoid disproportionate cost to APs and a burdensome regime for the customers. Besides risk perception, the nature of information/documents required would also depen....
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....ph/s) if there is a continuing business relationship. d) An indicative list of the nature and type of documents/information that may be may be relied upon for customer identification is given in PART B of Annex-l of this circular. It is clarified that correct permanent address, as referred to in PART B of Annex-l, means the address at which a person usually resides and can be taken as the address as mentioned in a utility bill or any other document accepted by the AP for verification of the address of the customer. e) Purchase of foreign exchange from customers (i) For purchase of foreign currency notes and/ or Travellers' Cheques from customers for any amount less than US $ 200 or its equivalent, photocopies of the identification document need not be obtained. However, full details of the identification document should be maintained. (ii) For purchase of foreign currency notes and/ or Travellers' Cheques from customers for any amount equal to or in excess of US $ 200 or its equivalent, the identification documents, as mentioned at PART B of Annex-l of this circular, should be verified and a copy retained. (iii)(a) Requests for payment in cash in Indian Rupees to r....
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....d also be insisted upon. g) Establishment of business relationship Relationship with a business entity like a company / firm/ trusts and foundations should be established only after conducting due diligence by obtaining and verifying suitable documents, as mentioned at PART B of Annex-I of this circular. Copies of all documents called for verification should be kept on record. APs should obtain information on the purpose and intended nature of the business relationship. APs should exercise ongoing due diligence with respect to the business relationship with every client and closely examine the transactions in order to ensure that they are consistent with their knowledge of the customer, its business and risk profile. APs should ensure that documents, data or information collected under the Customer Due Diligence process is kept up-to-date and relevant by undertaking reviews of existing records, particularly for higher risk categories of customers or business relationships. When a business relationship is already in existence and it is not possible to perform customer due diligence on the customer in respect of business relationship, APs should terminate the busines....
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....son and seek information about the source of wealth and source of funds before accepting the PEP as a customer. The decision to undertake a transaction with a PEP should be taken at a senior level which should be clearly spelt out in Customer Acceptance Policy. APs should also subject such transactions to enhanced monitoring on an ongoing basis. The above norms may also be applied to transactions with the family members or close relatives of PEPs. The above norms may also be applied to customers who become PEPS subsequent to establishment of the business relationship. Where a customer subsequently becomes a PEP after a business relationship has already been established, enhanced CDD should be performed on such customers and decision to continue business relationship with the PEP should be taken at a sufficiently senior level. 4.6 Monitoring of Transactions Ongoing monitoring is an essential element of effective KYC procedures. APs can effectively control and reduce their risk only if they have an understanding of the normal and reasonable activity of the customer so that they have the means of identifying transactions that fall outside the regular pattern of activit....
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.... is staffed adequately with individuals who are well- versed in such policies and procedures. The concurrent auditors should check all transactions to verify that they have been undertaken in compliance with the anti- money laundering guidelines and have been reported whenever required to the concerned authorities. Compliance on the lapses, if any, recorded by the concurrent 40 auditors should be put up to the Board. A certificate from the Statutory Auditors on the compliance with KYC/ AML/CFT guidelines should be obtained at the time of preparation of the Annual Report and kept on record. 4.9 Introduction of New Technologies- Pre-paid cards APs should pay special attention to any money laundering threats that may arise from new or developing technologies, that might favour anonymity and take measures, to prevent their use in money laundering purposes. Certain AD Category- I banks are engaged in issuance of Foreign currency denominated pre-paid cards to travelers going abroad. While issuing these pre-paid cards, it should be ensured by the AD Category-l banks that all the KYC/ AML/CFT Guidelines are fully complied with. It is also desirable that, certain APs, who ar....
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.... institution which are involved in the fight against money laundering and combating financing of terrorism. With a view to enable the Principal Officer to discharge his responsibilities, it is advised that that the Principal Officer and other appropriate staff should have timely access to customer identification data and other CDD information, transaction records and other relevant information. Further, APs should ensure that the Principal Officer is able to act independently and report directly to the senior management or to the Board of Directors. b) The Principal Officer will be responsible for timely submission of CTR and STR to the FIU-IND. 42 42 4.13 Maintenance of records of transactions/Information to be preserved/Maintenance and preservation of records/Cash and Suspicious transactions reporting to Financial Intelligence Unit- India (FIU-IND) Section 12 of the Prevention of Money Laundering Act (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009, casts certain obligations on the APs in regard to preservation and reporting of transaction information. APs are, therefore, advised to go through the provisions of Prevention of Mon....
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....operly preserved for at least ten years from the date of cessation of the transaction/ business relationship. The identification records and transaction data should be made available to the competent authorities upon request. c) In paragraph 4.6 of this Circular, APs have been advised to pay special attention to all complex, unusual large transactions and all unusual patterns of transactions, which have no apparent economic or visible lawful purpose. It is further clarified that the background including all documents/office records/memoranda pertaining to such transactions and purpose thereof should, as far as possible, be examined and the findings at branch as well as Principal Officer's level should be properly recorded. Such records and related documents should be made available to help 44 auditors in their day-to-day work relating to scrutiny of transactions and also to Reserve Bank/other relevant authorities. These records are required to be preserved for ten years as is required under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 and Prevention of Money-Laundering (Maintenance of Records of ....
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.... part of the related formats, APs should scrupulously adhere to the following: (i) The Cash Transaction Report (CTR) for each month should be submitted to the FIU-IND by 15th of the succeeding month. Cash transaction reporting by branches to their controlling offices should, therefore, invariably be submitted on a monthly basis and APs should ensure to submit CTR for every month to FIU-IND within the prescribed time schedule. (ii) While filing CTR, details of individual transactions below Rupees 50, 000 need not be furnished. (iii) CTR should contain only the transactions carried out by the AP on behalf of their customers excluding transactions between the internal accounts of the AP. (iv) A cash transaction report for the AP as a whole should be compiled by the Principal Officer of the AP every month in physical form as per the format specified. The report should be signed by the Principal Officer and submitted to the FIU-India. (V) In case of Cash Transaction Reports (CTR) compiled centrally by APs for the branches at their central data centre level, APs may generate centralised Cash 46 Transaction Reports (CTR) in respect of branches under central computerized ....
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....v) In the context of creating KYC/ AML awareness among the staff and for generating alerts for suspicious transactions, APs may consider the following indicative list of suspicious activities. Some possible suspicious activity indicators are given below: • • . • Customer is reluctant to provide details / documents on frivolous grounds. The transaction is undertaken by one or more intermediaries to protect the identity of the beneficiary or hide their involvement. Size and frequency of transactions is high considering the normal business of the customer. Change in the pattern of transactions. The above list is only indicative and not exhaustive. (vi) APs should not put any restrictions on transactions where an STR has been made. Moreover, it should be ensured that employees of APs shall keep the fact of furnishing such information as strictly confidential and there is no tipping off to the customer at any level. 4.15 Customer Education/Employees' Training/Employees' Hiring a) Customer Education Implementation of KYC procedures requires APs to demand certain information from customers which may be of personal nature or which has hitherto never ....
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....tionship- corporates - Name of the corporate - Principal place of business - Mailing address of the corporate - Telephone/Fax Number (i) Telephone bill (ii) Bank account statement (iii) Letter from any recognized public authority (iv) Electricity bill (v) Ration card (vi) Letter from employer (subject to satisfaction of the AP) (any one of the documents, which provides customer information to the satisfaction of the AP will suffice) One certified copy each of the following documents. (i) Certificate of incorporation (ii) Memorandum & Articles of Association (iii) Resolution of the Board of Directors for undertaking forex transactions with the AP (iv) Power of Attorney granted to its managers, officers or employees to conduct forex transactions on behalf of the corporate and their identification. (v) PAN Card (vi) Telephone Bill 50 Establishment of business One certified copy each of the following. relationship- partnership firms -Legal name -Address (i) Registration certificate, if registered (ii) Partnership deed -Names of all partners and their (iii) Power of Attorney granted to a partner addresses -Telephone/Fax numbers of the firm and partners....
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....claration to the effect that the company or any of its directors are not under investigation/adjudication of any law enforcing agencies, such as DoE/DRI and also that no criminal proceedings filed by Crime Investigation Rs. 53 Agencies are pending against the 10. 11. 13. 14. 15. company or any of its directors. Undertaking to post competent staff to handle the money changer's business. Name, designation of persons authorised to deal in foreign exchange. A brief write up of the activities of the applicant/nature of business. Whether the applicant had applied earlier for FFMC / RMC licence. If so, the particulars thereof. Any other particulars / special reasons the applicant may wish to state in support of the application. We undertake that in the conduct of money changing business, we shall at all time abide by the rules/regulations/orders/directions/notifications which Reserve Bank may from time to time issue in this behalf. Place: Date: Enclosures: 1. Bankers' confidential Report Signature of the applicant with seal 2. Attested copies of audited accounts for the past 3 years. Note: Single branch FFMCs shall have Net Owned Funds not less than R....
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....) III. Less:1) Sales to public 2)Surrender to ADS/FFMCS 3) Exports IV. Closing Balance (1 + || - III) Pound Sterling U.S. Dollar Euro Yen Other (Pl. specify) Pre-paid cards sold No. Amount. Date: Name: Designation: Note: Stock register of blank travellers' cheques/ smart cards in various denominations obtained from authorized dealers/ TC issuers/ other agencies for sale to travellers under Basic Travel Quota or for business visit should be maintained and balanced on a daily basis. 57 Annex-VI [See SECTION V, Paragraph 14 (i) (c)] FLM 3 Register of purchases of foreign currencies from the public Date Sr. Name of Nationality No. the tenderer & Full Details of Identification Pound Sterling U.S. Euro Dollar documents Address 1. 2. 3. 4. 5. 6. 7. 8. Japanese Yen 9. Others (Pl. specify) 10. Rate Rupee Equivalent Encashment certificate No. and date Remarks 11. 12. 13. 14. NOTES:(1) If the money-changer is dealing in a large number of currencies, two or more registers currency- wise or otherwise may be maintained, as convenient. (2) If travellers cheques are purchased, the prefix, "TC" may be indicated in the amount....
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....of the rs Authorised dealer/authoris cheque No.(s) Rate Rupee Remarks Equivalent received ed money changer/TC issuer/authoris ed agent to whom sold 1. 2. 3. 4. 5. 6. 7. 8. Date: Name: Designation: 62 62 Annex- XI [See SECTION V, Paragraph 15 (i)] FLM 8 (For FFMCs) Summary statement of purchases and sales of foreign currency notes during the month of 20 Name and address of money changer RBI Licence No. USD GBP EURO JPY Others (Specify) A. Opening balance Purchases of foreign currency notes from (a) Public (b) imports. RMCS/FFMCS/ADs including (c) Agents/Franchisees B. Total Purchases (a) + (b) + (c) Sales of foreign currency notes under (a) BTQ (b) Business Visits (c) Sales to other FFMCS/ADs including exports C. Total Sales [ (a) + (b) + (c) ] Closing balance (A+B - C) We hereby certify that the statement is a true and correct account of all transactions undertaken during the month in accordance with the Foreign Exchange Regulations. Place: Date: (Signature of Authorized Official) Stamp Name: Designation 63 FLM 8 (For ADS Category-II) Summary statement of purchases and sales of foreign currency notes during Na....
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....r in foreign beginning d of the quarter dealers/ full fledged money changers in currency foreign currency (1) (2) (3) (4) (5) (6) Pound Sterling C/N T/C US Dollar C/N T/C Euro C/N T/C Japanese Yen C/N T/C Others C/N (Pl. specify) T/C I/We certify that (a) the statement accounts for all the purchase transactions undertaken with the customers and surrendered to the authorized dealers/ full-fledged money- changers during the quarter. (b) All the above transactions have been effected in accordance with the current Foreign Exchange regulations ; and (c) Encashment certificates have been issued in respect of all purchases from the public (wherever applicable). Encls: Place: Stamp (Signature of Authorized Official) Name: Designation: Counter Signature of the AD/ FFMC Note: Fully utilized CDF received from tenderers should be enclosed with the statement 20 67 Annex- XIII [See SECTION V, Paragraph 15 (iii)] Statement of Purchase transactions of USD 10,000 and above for the month of Date of transaction Name and address of the Amount person surrendering the foreign currency Currency/ TCs Signature of Authorized Official with Seal 68....