TaxTMI 
TaxTMI 
Master Circular on Memorandum of Instructions governing money changing activities
X X X X Extracts X X X X
X X X X Extracts X X X X
....st of underlying circulars/ notifications is set out in Appendix. 2. This Master Circular 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 It will stand withdrawn on July 1, 2011 and would be replaced by an updated Master Circular on the subject.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-II....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ir operations. RMCs and franchisees of AD Category - Banks / ADs Category - II / FFMCs functioning within 10 kms from the borders of Pakistan and Bangladesh may also sell the currency of the bordering country, with the prior approval of the Regional offices concerned of the Reserve Bank. Other franchises of AD Category -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 Own....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... to time, will be put in place on obtaining the approval of the Reserve Bank and before commencement of operations. (g) Details of sister / associated concerns operating in the financial sector, (h) like NBFCs, etc. A certified copy of the board resolution for undertaking money changing business. (iii) (i) Basis for Approval (ii) Since several FFMCs are already functioning, fresh licences will be issued on a selective basis to those who comply with all 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 t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....aw enforcing authorities against the applicant or its directors and that no criminal cases are initiated pending against the applicant or its directors. No new branch license will be issued to any FFMC, against whom any major DoE / DRI case is pending. In DoE / DRI pending cases of a minor nature, a decision will be taken by the Reserve Bank on a case by case basis. The categorization of pending DoE / DRI cases as major / minor will be at the discretion of the Reserve Bank and the decision of the Reserve Bank will be final and binding. Where any DoE / DRI case is adjudicated and penalty is imposed, 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 app....
X X X X Extracts X X X X
X X X X Extracts X X X X
....chisee should be surrendered to the franchiser or any other authorized person, as may be agreed upon, within 7 working days from the date of purchase. The maintenance of proper record of transactions by the franchisee. The on-site inspection of the franchisee by the franchiser should be conducted at least once a year. 4. Procedure for application An AD Category – I Banks / ADs Category - II/ FFMC should apply to the respective Regional Office of the Reserve Bank, in Form RMC-F (Annex-III) for appointment of franchisees under this Scheme. The application should be accompanied by a declaration that while selecting the franchisees, adequate due diligence has been carried out and that such entities have undertaken 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 indicat....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... a dedicated team and 'mystery customer' (individuals acting as potential customers to experience and measure the extent up to which people and process perform as they should) concept should be used to test the compliance level of the franchisees. A system of annual inspection of the books of the franchisees should also be put in place. The purpose of such inspection is to ensure that the money changing business is being carried out by the franchisees in conformity with the terms of the agreement and prevailing Reserve Bank guidelines and that necessary records are being maintained by the franchisees. 9. Anti Money Laundering (AML) / Know Your Customer (KYC) / Combating the Financing of Terrorism (CFT) Guidelines Franchisees are required to strictly adhere to the AML / KYC/ CFT guidelines, as applicable to AD Category-I Banks / ADs Category - 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 su....
X X X X Extracts X X X X
X X X X Extracts X X X X
....to the Custom Authorities. When foreign exchange brought in the form of currency notes or travellers' cheques does not exceed US$ 10,000/- or its equivalent and / or the value of foreign currency notes does not exceed US$ 5,000/- or its equivalent, declaration thereof on CDF is not insisted upon. (ii) Taking out foreign exchange in any form, other than foreign exchange obtained from an authorized dealer or a money changer is prohibited unless it is covered by a general or special permission of the Reserve Bank. Non-residents, however, have general permission to take out an amount not exceeding the amount originally brought in by them, subject to compliance with the provisions of sub-para (i) above. 2. (i) Purchases of Foreign Currency from Public Authorised Money Changers (AMCs) / franchisees may freely purchase foreign currency notes, coins and travellers cheques from residents as well as non- residents. Where the foreign currency was brought in by declaring on form 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 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....abroad for medical treatment / check up up to the limits (currently US $ 25,000 per visit) specified in Schedule III to FEMA (Current Account Transactions) Rules, 2000. Conditions The Reserve Bank will not generally, prescribe the documents which should be verified by the AMCs while releasing foreign exchange. In this connection, attention of AMCs is drawn to sub-section (5) of Section 10 of FEMA, 1999. In case of issue of travellers' cheques, the traveler should sign the cheques in the presence of an authorized official and the purchaser's acknowledgement for receipt of the travellers' cheques should be held on record. AMCS may release foreign exchange for travel purposes on the basis of a declaration given by the traveler regarding the amount of foreign exchange availed of during the financial year. AMCs may accept payment in cash upto Rs. 50,000/- (Rupees fifty thousand only) against sale of foreign exchange for travel abroad (for private visit or for any other purpose). Wherever the sale of foreign exchange exceeds the amount equivalent to Rs. 50,000/-, the payment must be received only by a crossed cheque drawn on the applican....
X X X X Extracts X X X X
X X X X Extracts X X X X
....head to travellers to whom foreign currency is sold by them. The cash memo may be required for production to emigration authorities while leaving the country. 8. Rates of Exchange AMCS may put through transactions relating to foreign currency notes and travellers' cheques at rates of exchange determined by market conditions and in alignment with the ongoing market rates. 9. Display of Exchange Rate Chart AMCS should display at a prominent place in or near the public counter, a chart indicating the rates for purchase/sale of foreign currency notes and travellers' cheques for all the major currencies and the card rates for any day, should be updated, latest by 10:30 a.m. 10. Foreign Currency Balances (i) AMCS should keep balances in foreign currencies at reasonable levels and avoid build up of idle balances with a view to speculating on currency movements. (ii) RMCs franchisees should surrender foreign currency notes, coins and travellers' cheques purchased to an AD or to an FFMC within seven working days. (iii) The transactions between authorized dealers, FFMCS and RMCs should be settled by way of account payee crossed c....
X X X X Extracts X X X X
X X X X Extracts X X X X
....es of foreign currencies from the public in form FLM 3 (Annex-VI). Register of purchases of foreign currency notes / coins from authorized dealers and authorized money changers in form FLM 4 (Annex-VII). Register of sales of foreign currency notes / coins and foreign currency travellers' cheques to the public in form FLM 5 (Annex-VIII). Register of sales of foreign currency notes / coins to authorized dealers / Full Fledged Money Changers / overseas banks in form FLM 6 (Annex-IX). Register of travellers' cheques surrendered to authorized dealers / authorized money changers / exported in form FLM 7 (Annex-X). All registers and books should be kept up-to-date, cross-checked and balances verified daily. Transactions not pertaining to money changing business of the AMC should not be mixed up with money changing transactions. In other words, the registers and books of account should show clearly the trail of transactions pertaining to money changing business. (iv) Separate registers should be maintained for each establishment, if the AMC maintains more than one place of business. Note :- Inter-branch transfer of foreign currencies....
X X X X Extracts X X X X
X X X X Extracts X X X X
....carrying out their inspection. Failure to produce any books of account or other document or to furnish any statement or information or to answer any question relating to the money changing transactions to the Inspecting Officers, shall be deemed to be a contravention of the provisions of the Act ibid. 17. Concurrent Audit (i) AMCs should put in place a system of Concurrent Audit of the transactions undertaken by them. (ii) All single branch AMCs having a turnover of more than US $ 100,000 or equivalent per month and all multiple branch AMCs should institute a system of monthly audit. Single branch AMCs having turnover of less than US $ 100,000 or its equivalent may institute a system of quarterly audit. (iii) Appointment / selection of concurrent auditors is left to the discretion of the AMCs. The concurrent auditors should check all the transactions of the AMCs and ensure that all the instructions issued by the Reserve Bank from time to time have been complied with. The Statutory Auditors are required to certify that the Concurrent Audit and the internal control systems are working satisfactorily. 18. Temporary Money Changin....
X X X X Extracts X X X X
X X X X Extracts X X X X
....cation of Licence The Reserve Bank reserves the right to revoke the licence granted to an AMC at any time if the Reserve Bank is satisfied that (a) it is in public interest to do so or (b) the AMC has failed to comply with any condition subject to which the authorisation is granted or has contravened any of the provisions of the Foreign Exchange Management Act, 1999 or any rule, regulation, notification, direction or order made there-under. The Reserve Bank also reserves the right to revoke the authorisation of any of the offices for infringement of any statutory or regulatory provision. The Reserve Bank may at any time vary or revoke any of the existing conditions of a money changer's licence or impose new conditions. 25 25 SECTION VIII [See SECTION I, Paragraph 2 (iii) (iii)] ‘Fit and proper' criteria for directors of FFMCs / non-bank ADs Category - II (a) The Boards of FFMCs / non-bank ADs Category Il should undertake a process of due diligence to determine the suitability of the person for appointment / continuing to hold appointment as a director on the Board, based upon qualification, expertise, track record, integri....
X X X X Extracts X X X X
X X X X Extracts X X X X
....usiness Address Residential Address Educational/professional qualifications Line of business or vocation : Name/s of other companies in which the person has held : the post of Chairman / Managing Director / Director / Chief Executive Officer 27 27 10. 11. 12. 13. (i) Whether associated as promoter, Managing Director, : Chairman or Director with any other FFMC / AD Category - ||? (ii) If yes, the name/s of the company/ies (i) Whether prosecuted/convicted for any economic offence : either in the individual capacity or as a partner / director of any firm/company (ii) If yes, particulars thereof Experience in money changing business (number of years) Equity shareholding in the company No. of shares Face value Percentage to total equity share capital of the company: Signature : Name Date Place Designation (Chief Executive Officer) Company 28 20 Annex-l [See SECTION VI] PART A KYC / AML/CFT Guidelines for money changing activites Know Your Customer (KYC) norms / Anti-Money Laundering (AML) standards / Combating the Financing of Terrorism (CFT) / Obligation of APs und....
X X X X Extracts X X X X
X X X X Extracts X X X X
....(i.e. the beneficial owner). 4. Guidelines 4.1 General APs should keep in mind that the information collected from the customer while undertaking transactions is to be treated as confidential and details thereof are not to be divulged for cross selling or any other like purposes. APs should, therefore, ensure that information sought from the customer is relevant to the perceived risk, is not intrusive, and is in conformity with the guidelines issued in this regard. Any other information from the customer, wherever necessary, should be sought separately with his/her consent. 30 30 4.2 KYC Policy APs should frame their KYC policies incorporating the following four key elements: a) Customer Acceptance Policy; b) Customer Identification Procedures; c) Monitoring of Transactions; and d) Risk Management. 4.3 a) Customer Acceptance Policy (CAP) Every AP should develop a clear Customer Acceptance Policy laying down explicit criteria for acceptance of customers. The Customer Acceptance Policy must ensure that explicit guidelines are in place on the following aspects of customer relationship in the AP: ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s and their location etc. The nature and extent of due diligence will depend on the risk perceived by the AP. However, while preparing customer profile, APs should take care to seek only such information from the customer, which is relevant to the risk category. The customer profile is a confidential document and details contained therein should not be divulged for cross selling or any other purposes. c) For the purpose of risk categorisation, individuals (other than High Net Worth) and entities whose identities and sources of wealth can be easily identified and 32 transactions by whom by and large conform to the known profile, may be categorised as low risk. Customers that are likely to pose a higher than average risk should be categorised as medium or high risk depending on customer's background, nature and location of activity, country of origin, sources of funds and his client profile etc. APs should apply enhanced due diligence measures based on the risk assessment, thereby requiring intensive 'due diligence' for higher risk customers, especially those for whom the sources of funds are not clear. Examples of customers requiring enha....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ation. For customers that are legal persons or entities, the AP should (i) verify the legal status of the legal person/entity through proper and relevant documents; (ii) verify that any person purporting to act on behalf of the legal person/entity is so authorised and identify and verify the identity of that person; and (iii) understand the ownership and control structure of the customer and determine who are the natural persons who ultimately control the legal person. Customer identification requirements in respect of a few typical cases, especially, legal persons requiring an extra element of caution are given in paragraph 4.5 below for guidance of APs. APs may, however, frame their own internal guidelines based on their experience of dealing with such persons/entities, their normal prudence and the legal requirements as per established practices. If the AP decides to undertake such transactions in terms of the Customer Acceptance Policy, the AP should take reasonable measures to identify the beneficial owner(s) and take all reasonable steps to verify his identity. b) Some close relatives, e.g. wife, son, daughter and parents etc. who ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....the extent of only US $ 1000 or its equivalent per transaction. (b) Requests for payment in cash by foreign visitors / Non-Resident Indians may be acceded to the extent of only US $ 3000 or its equivalent. 35 f) (c) All purchases within one month, i.e. within 30 days from the date of last transaction, may be treated as single transaction for the above purpose and also for reporting purposes. (d) In all other cases, APs should make payment by way of 'Account Payee' cheque/demand draft only. (v) Where the amount of forex tendered for encashment by a non-resident or a person returning from abroad exceeds the limits prescribed for Currency Declaration Form (CDF), the AP should invariably insist for production of declaration in CDF. (vi) In case of any suspicion of money laundering or terrorist financing, irrespective of the amount involved, enhanced Customer Due Diligence (CDD) should be applied. Sale of foreign exchange to customers (i) In all cases of sale of foreign exchange, irrespective of the amount involved, for identification purpose the passport of the customer should be insisted upon and sale of foreign exchange s....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nship and make a Suspicious Transaction Report to FIU-IND. 37 4.5 Customer Identification Requirements - Indicative Guidelines i) Transactions by Trust/Nominee or Fiduciary Customers There exists the possibility that trust/nominee or fiduciary relationship can be used to circumvent the customer identification procedures. APs should determine whether the customer is acting on behalf of another person as trustee/nominee or any other intermediary. If so, APs should insist on receipt of satisfactory document of identity of the intermediaries and of the persons on whose behalf they are acting, as also obtain details of the nature of the trust or other arrangements in place. While undertaking a transaction for a trust, APs should take reasonable precautions to verify the identity of the trustees and the settlers of trust (including any person settling assets into the trust), grantors, protectors, beneficiaries and signatories. In all cases beneficiaries should be identified with reference to necessary documents. In the case of a 'foundation', steps should be taken to verify the founder managers/ directors and the beneficiaries. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....they have the means of identifying transactions that fall outside the regular pattern of activity. However, the extent of monitoring will depend on the risk sensitivity of the transaction. APs should pay special attention to all complex, unusually large transactions and all unusual patterns which have no apparent economic or visible lawful purpose. APs may prescribe threshold limits for a particular category of transaction and pay particular attention to the transactions which exceed these limits. High-risk transactions have to be subjected to intensified monitoring. Every AP should set key indicators for such transactions, taking note of the background of the customer, such as the country of origin, sources of funds, the type of transactions involved and other risk factors. APs should put in place a system of periodical review of risk categorization of customers 39 and the need for applying enhanced due diligence measures. Such review of risk categorisation of customers should be carried out periodically. 4.7 Attempted transactions Where the AP is unable to apply appropriate KYC measures due to non-furnishing of information and /or n....
X X X X Extracts X X X X
X X X X Extracts X X X X
....hile 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 are not eligible to issue such cards but are involved in marketing these cards on behalf of card issuing banks, as well as their customers, are also subjected to KYC measures. 4.10 Combating Financing of Terrorism a) In terms of PML Rules, suspicious transaction should include, inter alia transactions which give rise to a reasonable ground of suspicion that it may involve the proceeds of an offence mentioned in the Schedule to the PMLA, regardless of the value involved. APs should, therefore, develop suitable mechanism through appropriate policy framework for enhanced monitoring of transactions suspected of having terrorist links and swift identification of the transactions and making suitable reports to the Financial Intelligence Unit - India (FIU-IND) on priority. b) APs are advised to take into account risks arising from the deficiencies in AML/CFT regime of certain jurisdictions viz. Iran, Uzbekistan, Pakistan, Turkmenistan, Sao Tome and Princip....
X X X X Extracts X X X X
X X X X Extracts X X X X
....evention 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 Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 and the Rules notified there under and take all steps considered necessary to ensure compliance with the requirements of Section 12 of the Act ibid. (i) Maintenance of records of transactions APs should introduce a system of maintaining proper record of transactions prescribed under Rule 3, as mentioned below: a) all cash transactions of the value of more than Rupees Ten Lakh or its equivalent in foreign currency; b) all series of cash transactions integrally connected to each other which have been valued below Rupees Ten Lakh or its equivalent in foreign currency where such series of transactions have taken place within a month ; and c) all suspicious transactions whether or not made in cash and by way of as mentioned in the Rules. (ii....
X X X X Extracts X X X X
X X X X Extracts X X X X
....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 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 amended from time to time. (iv) Reporting to Financial Intelligence Unit – India a) In terms of the PML rules, APs are required to report information relating to cash and suspicious transactions to the Director, Financial Intelligence Unit-India (FIU-IND) in respect of transactions referred to in Rule 3 at the following address: The Director, Financial Intelligence Unit-India (FIU-IND) 6th Floor, Hotel Samrat, Chanakyapuri, New Delhi-110021. Website - ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....al 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 environment at one point for onward transmission to FIU-IND, provided: a) b) c) The CTR is generated in the format prescribed by Reserve Bank in Para 4.13(iv)(b) of this Circular; A copy of the monthly CTR submitted on its behalf to the FIU-India is available at the concerned branch for production to auditors/inspectors, when asked for. The instruction on 'Maintenance of records of transactions'; 'Information to be preserved' and 'Maintenance and Preservation of records' as contained above in this circular at Para 4.13 (i), (ii) and (iii) respectively are scrupulously followed by the branch. However, in respect of b....
X X X X Extracts X X X X
X X X X Extracts X X X X
....l 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 been called for. This can sometimes lead to a lot of questioning by the customer as to the motive 48 and purpose of collecting such information. There is, therefore, a need for APs to prepare specific literature/ pamphlets etc. so as to educate the customer of the objectives of the KYC programme. The front desk staff needs to be specially trained to handle such situations while dealing with customers. b) Employees' Training APs must have an ongoing employee training programme so that the members of the staf....
X X X X Extracts X X X X
X X X X Extracts X X X X
....on 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 Establishment relationship- foundations -Names of of business trusts trustees, or an employee of the firm to transact business on its behalf (iv) Any officially valid document identifying the partners and the persons holding the Power of Attorney, their addresses and their signatures. (v) Telephone bill in the name of firm/ p....
X X X X Extracts X X X X
X X X X Extracts X X X X
....edings 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 Rs.25 lakhs while FFMCs intending to operate through more than one branch will have to maintain Net Owned Funds not le....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 2) Purchases from others (including fresh stock received) Total (I + II) 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-ch....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ddress of the Rupee Equivalent received Remarks authorised dealer/full fledged Money changer/ overseas bank to whom sold 1. 2. 3. 4. 5. 6. 7. 8. Note Necessary entries in the register should be made before the funds are taken out of the premises, not after delivery of funds. Date: Name: Designation: 61 Annex-X [See SECTION V, Paragraph 14 (i) (g)] FLM 7 Register of travellers cheques surrendered to authorised dealers/authorised money changers/exported Date Sr. Name and Travelle Amount No. address 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. O....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ions (S1102) (h) Emigration Fees (S1202) (i) Emigration Consultancy Fees (S1006) (k) Sales to other FFMCS/ADs including exports C. Total Sales [ (a) + (b) + (c) + (d) + (e) + (f) + (g) + (h )+ (i) + (j)+ (k) ] 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 Authorised Official) Stamp Name: Designation: 66 60 RLM 3 Annex- XII [See SECTION V, Paragraph 15 (ii)] Statement of foreign currency surrendered to authorized dealers/ full-fledged moneychangers during the quarter ended Name and address of Restricted Money Changer RBI Licence No. Name of foreign currency Opening Foreign balance at currency Rupee equivalent Amount Closing balance surrendered to at the end of the purchase authorized quarter 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 ....