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Master Circular on Memorandum of Instructions governing money changing activities.
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....gents / Franchisees by Authorized Dealer Category - I Banks, Authorized Dealers Category - II and FFMCs :- 10 SECTION IV.. SECTION V. Operational Instructions SECTION VI... KYC/ AML/CFT Guidelines SECTION VII... .15 Guidelines for Renewal of licences of existing FFMCs : .15 .17 .17 27 .27 28 Revocation of Licence. .28 SECTION VIII.... 29 'Fit and proper' criteria for directors of FFMCs / non-bank ADs Category - II Annex-I. 29 .32 KYC/AML/CFT Guidelines for money changing activities .32 Annex-II..... .60 Application Form for FFMC licence under section 10(1) of FEMA, 1999 Annex-III... .60 .62 Form RMC-F .62 Annex-IV .63 FLM 1 .63 Annex-V FLM 2 Annex-VI FLM 3 Annex-VII FLM 4.. Annex-VIII FLM 5 Annex-IX FLM 6 Annex-X FLM 7 Annex- XI FLM 8 Annex- XII .64 .64 .65 65 .66 .66 .67 .67 .68 .68 .69 .69 .70 .70 .74 Statement of Purchase transactions of USD 10,000 and above.. Annex- XIII .74 .75 Statement showing summation of Foreign Currency Account opened in India out of export....
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.... The minimum Net Owned Funds (NOF) required for consideration as FFMC are as follows: Category Single branch FFMC Multiple branch FFMC Minimum Net Owned Funds Rs.25 lakh 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 assets) (b) Net Owned Funds - Owned funds minus the amount of investments in shares of its subsidiaries, companies in the same group, all (other) non-banking financial companies as also the book value of debentures, bonds, outstanding loans and advances made to and deposits with its subsidiaries and companies in the same group in excess of 10 per cent of the Owned funds. 3 (ii) Documentation - Application in the form, as at Annex II, should be submitted to the respective Regional Office of the Foreign Exchange Department of the Reserve Bank under whose jurisdiction the registered office of the applicant falls, along with the following documen....
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....ank 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 such as rent receipt, copy of lease agreement, etc. should be submitted to the Regional Office concerned of the Reserve Bank before commencement of the business. The FFMC should commence its operations within a period of six months from the date of issuance of licence and inform the Regional Office concerned of the Reserve Bank. (viii) New FFMCs should carry out their activities as per the instructions specified in SECTIONS V and VI below and other instructions issued by the Reserve Bank from time to time. [Note: Urban Cooperative Banks (UCBs), fulfilling the eligibility norms, would be considered for authorization as Aut....
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....systems, including internal and external audit. 3. 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 branch. 4. For opening Foreign Exchange Counters (full-fledged branches/ extension counters) at the international airports in India, AD Category-l banks/ AD Category - II/ FFMCS should adhere to following conditions. (a) Foreign Exchange Counters in the arrival halls in international airports in India shall ideally be established after the Customs Desk (Green Channel/Red Channel). However, Foreign Exchange Counters may also be established between the Immigration Desk and the Customs Desk in international airports in India subject to the condition that these counters shall only purchase foreign currency and sell Indian Rupees (INR) and "Encashment Certificates" shall invariable be issued by the money changers to the customers. (b) Foreign Exchange Counters in the departure halls in international airports in India shall b....
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....MC 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 indicated above. 5. Due Diligence of Franchisees The AD Category Banks - 1 / 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....
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....raining to the franchisees as regards operations and maintenance of records. 8. Reporting, Audit and Inspection The franchisers, i.e. the AD Category-I Banks / ADs Category-II / FFMCs, are expected to put in place adequate arrangements for reporting of transactions by the franchisees to the franchisers on a regular basis (at least monthly). Regular spot audits of all locations of franchisees, at least once in six months, should be conducted by AD Category-I Banks / ADs Category-II / FFMCs. Such audits should involve 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 La....
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....ion for the renewal of his money changer's licence, the licence shall continue in force until the date on which the licence is renewed or the 15 application is rejected, as the case may be. No application for renewal of a money-changer's licence shall be made after the expiry of the licence. 16 SECTION V Operational Instructions 1. Bringing in and taking out of Foreign Exchange (i) Foreign exchange in any form can be brought into India freely without limit provided it is declared on the Currency Declaration Form (CDF) on arrival 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....
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....are also eligible to avail of this quota for private visits provided the applicant is not availing of facilities for remittance of his salary, savings, etc., abroad in terms of extant regulations. 18 (II) Business visits AMCs may sell foreign exchange to persons resident in India for undertaking business travel or for attending a conference or specialized training or for maintenance expenses of a patient going abroad for medical treatment or check up abroad or for accompanying as attendant to a patient going 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. (III) Forex Pre-paid Cards Authorised Dealers Category-II may issue forex pre-paid cards to residents travelling on private/business visit abroad, subject to KYC/AML/CFT requirements. However, the settlement in respect of forex pre-paid cards may be effected through AD Category-I banks. Conditions i. The Reserve Bank will not generally, prescribe the documents which should be verified by the AMCS while releasing foreign exchange. In this connection, attent....
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....ovided a valid Encashment Certificate is produced. Note (1) AMCs may convert at their discretion, unspent Indian currency up to *.10,000 in the possession of non-residents if, for bonafide reasons, the person is unable to produce an Encashment Certificate after ensuring that the departure is scheduled to take place within the following seven days. 20 20 - Note (2) ADs Category – I, ADs Category - II and FFMCs may provide facility for reconversion of Indian Rupees to the extent of Rs.50,000/- to foreign tourists (not NRIs) against ATM Receipts based on the following documents. • Valid Passport and VISA 7. • Ticket confirmed for departure within 7 days. • Original ATM slip (to be verified with the original debit/credit card). Cash Memo AMCS may issue a cash memo, if asked for, on official letterhead 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 de....
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....es In the event of foreign currency notes purchased being found fake/forged subsequently, AMCs may write off up to US $ 2000 per financial year after approval of their Top Management after exhausting all available options for recovery of the amount. Any write-off in excess of the above amount, would require the approval of the Regional Office concerned of the Foreign Exchange Department of the Reserve Bank. 14. (i) Registers and Books of Accounts of Money-changing Business AMCS shall maintain the following Registers in respect of their money- changing transactions : (a) Daily Summary and Balance Book (Foreign currency notes / coins) in form FLM 1 (Annex-IV). (b) Daily Summary and Balance Book (Travellers' cheques) in form FLM 2 (Annex-V). (c) Register of purchases of foreign currencies from the public in form FLM 3 (Annex-VI). (d) (e) (f) (g) 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....
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.... Section 12(1) of Foreign Exchange Management Act 1999, empowers any officer of Reserve Bank specially authorized in this behalf to inspect the books and accounts and other documents of AMCs. The AMCs should provide all assistance and co- operation to Inspecting Officers in 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 th....
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....of Balance Sheet and maintenance of NOF All AMCs are required to submit their annual audited balance sheet to the respective Regional office of the Reserve Bank for the purpose of verification of their Net Owned Funds along-with a certificate from the statutory auditors regarding the NOF as on the date of the balance sheet. As AMCs are expected to maintain the minimum NOF on an ongoing basis, if there is any erosion in their NOF below the minimum level, they are required to bring it to the notice of the Reserve Bank immediately along with a detailed time bound plan for restoring the Net Owned Funds to the minimum required level. 21. Participation by Full Fledged Money Changers (FFMCs) and Authorised Dealers Category-II (ADs Category-II) in the Currency Futures and Exchange traded Currency Options markets FFMCS and ADS Category-II [which are not Regional Rural Banks (RRBs), Local Area Banks (LABS), Urban Co-operative Banks (UCBs) and Non-Banking Financial Companies (NBFCs)], having a minimum net worth of 5 crore, may participate in the designated currency futures and currency options on exchanges recognized by the Securities and Exc....
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....laration 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 29 29 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 Legislative Assembly / Member of Legislative Council. (g) Any change in directors during the year sh....
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.... which money or other assets obtained as proceeds 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 32 32 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, inten....
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....) or on behalf of other persons whose identity has not been disclosed or cannot be verified]. Parameters of risk perception are clearly defined in terms of the nature of business activity, location of customer and his clients, mode of payments, volume of turnover, social and financial status etc. to enable categorisation of customers into low, medium and high risk (APs may choose any suitable nomenclature viz. level I, level II and level III). Customers requiring very high level of monitoring, e.g. Politically 34 34 b) (iii) (iv) (v) Exposed Persons (PEPS) may, if considered necessary, be categorised even higher. Documentation requirements and other information to be collected in respect of different categories of customers depending on perceived risk and keeping in mind the requirements of Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money 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 Rec....
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....gence 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 enhanced due diligence include (a) nonresident customers; (b) customers from countries that do not or insufficiently apply the FATF standards (c) high net worth individuals; (d) trusts, charities, NGOs and organizations receiving donations; (e) companies having close family shareholding or beneficial ownership; (f) firms with 'sleeping partners '; (g) politically exposed persons (PEPs); (h) non-face to face customers; and (i) those with dubious reputation as per public information available etc. However, only Non Profit Organisations (NPOs)/ Non Government Organisations (NGOs) promoted by United Nations or its agencies may be classified as low risk customer. d) It is important to bear in mind that the adoption of customer acceptance policy and its implementation should not become too restrictive and must not result in denial of money changing services to general public. 36 4.4 Customer Identification Procedure (CIP) ....
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.... Customer Acceptance Policy, the AP should take reasonable measures to identify the beneficial owner(s) and verify his/ her/t heir identity in a manner so that it is satisfied that it knows who the beneficial owner(s) is/are [In view of Government of India Notification dated June 16, 2010 - Rule 9 sub-rule (1A) of PML Rules]. b) Some close relatives, e.g., wife, son, daughter and parents etc. who live with their husband, father/mother and son/ daughter, as the case may be, may find it difficult to undertake transactions with APs as the utility bills required for address verification are not in their name. It is clarified, that in such cases, APs can obtain an identity document and a utility bill of the relative with whom the prospective customer is living along with a declaration from the relative that the said person (prospective customer) wanting to undertake a transaction is a relative and is staying with him/her. APs can use any supplementary evidence such as a letter received through post for further verification of the address. While issuing operational instructions to the branches on the subject, APs should keep in mind the spirit of in....
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....y notes and/ or Travellers' Cheques from them may be acceded to 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. (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. 39 (iv) 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. (v) In case of any suspicion of money laundering or terrorist financing, irrespective of the amount involved, enhanced Customer Due Diligence (CDD) should be applied. Whenever there is a suspicion of money laundering or terrorist financing or when other factors give rise to a belief that the customer does not in fact pose a low risk, APs should ca....
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....taking 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 business relationship and make a Suspicious Transaction Report to FIU-IND. In the circumstances when an AP believes that it would no longer be satisfied that it knows the true identity of the customer (individual/ business entity), the AP should also file an STR with FIU-IND. 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....
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....ness 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. These instructions are also applicable to individual transactions/ business relationship where a PEP is the ultimate beneficial owner. Further, in regard to individual transactions/ business relationship in case of PEPs, it is reiterated that APs should have appropriate ongoing risk management procedures for identifying and applying enhanced CDD to PEPs, customers who are family members or close relatives of PEPs and individual transactions/ business relationship of which a PEP is the ultimate beneficial owner. 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 activity. However....
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....ld ensure that an effective KYC programme is put in place by establishing appropriate procedures and ensuring effective implementation. It should cover proper management oversight, systems and controls, segregation of duties, training and other related matters. Responsibility should be explicitly allocated within the AP for ensuring that the APs' policies and procedures are implemented effectively. APs should, in consultation with their boards, devise procedures for creating risk profiles of their existing and new 44 customers and apply various anti money laundering measures keeping in view the risks involved in a transaction or business relationship. b) APs' internal audit and compliance functions have an important role in evaluating and ensuring adherence to the KYC policies and procedures. As a general rule, the compliance function should provide an independent evaluation of the AP's own policies and procedures, including legal and regulatory requirements. APs should ensure that their audit machinery is staffed adequately with individuals who are well- versed in such policies and procedures. The concurrent auditors should check all ....
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.... Statements circulated by the Reserve Bank of India from time to time (latest as on July 1, 2012, circulated vide the A.P.(DIR Series) Circular No. 107 dated April 17, 2012) APs should also consider using publicly available information for identifying countries, which do not or insufficiently apply the FATF Recommendations. APs are accordingly advised to take into account risks arising from the deficiencies in AML/ CFT regime of these countries, while entering into business relationships and transactions with persons (including legal persons and other financial institutions) from or in these countries/ jurisdictions and give special attention to these cases. 4.11 Applicability to branches and subsidiaries outside India The guidelines contained in this circular shall apply to the branches and majority owned subsidiaries located abroad, especially, in countries which do not or insufficiently apply the FATF Recommendations, to the extent local laws permit. When local applicable laws and regulations prohibit implementation of these guidelines, the same should be brought to the notice of the Reserve Bank. In case there is a variance in KYC/AM....
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....ons of Prevention 47 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 the aggregate value of such transactions exceeds Rupees Ten Lakh; c) d) e) all transactions involving receipts by non-profit organizations of value more than Rupees ten lakh or its equivalent in foreign currency [ In view of Government of India Notification dated November 12, 2009- Rule 3, sub- rule (1) clause (BA) of PML Rules] ; all cash transactions where forge....
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....rns 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 49 properly recorded. Such records and related documents should be made available to help 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 U....
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....herefore, 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 51 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 ....
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....ative 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 been called for. This can sometimes lead to a lot of questioning by the customer as to the motive 53 and purp....
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....s regarding adoption of a risk-based approach, assessment of risk and putting in place a system which would use that assessment to take steps to effectively counter ML/FT. The recommendations of the Committee have since been accepted by the Government of India and need to be implemented. Accordingly, APs should take steps to identify and assess their ML/FT risk for customers, countries and geographical areas as also for products/ services/ transactions/delivery channels, in addition to what has been prescribed in the paragraph 4.3 and 4.8 above. APs should have policies, controls and procedures, duly approved by their boards, in place to effectively manage and mitigate their risk adopting a risk-based approach as discussed above. As a corollary, APs would be required to adopt enhanced measures for products, services and customers with a medium or high risk rating. APs may design risk parameters according to their activities for risk based transaction monitoring, which will help them in their own risk assessment. 55 PART B Customer Identification Procedure Features to be verified and documents that may be obtained from customers ....
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.... signatures. (v) Telephone bill in the name of firm/ partners. and One certified copy of each of the following. settlers, beneficiaries and signatories -Names and addresses of the founder, the managers/ directors and the beneficiaries -Telephone/Fax numbers (i) Registration certificate, if registered (ii) Power of Attorney granted to transact business on its behalf (iii) Any officially valid document to identify the trustees, settlers, beneficiaries and those holding Power of Attorney, founders/ managers/directors and their addresses (iv) Resolution of the managing body of the foundation/ association 57 (v) Telephone bill 58 List of various reports and their formats 1. Cash Transaction Report (CTR) 2. Electronic File Structure- CTR 3. Suspicious Transaction Report (STR) 4. Electronic File Structure-STR PART C For the formats of the above reports, please refer to the attachments after (F- Part-III) [Annex to A.P. (DIR Series) Circular No.17 {A.P. (FL/RL Series) Circular No. 4 } dated November 27, 2009 ]. APs may also visit the website of the FIU-IND, i.e., http://fiuindia.gov.in 59 59 ....
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....ot less than Rs.25 lakhs while FFMCs intending to operate through more than one branch will have to maintain Net Owned Funds not less than *.50 lakhs. 19 61 Form RMC-F 1. Name of the AD/ FFMC 2. Name and address of the franchisee (i) (ii) (iii) 3. 4. Etc. Existing business activity of the franchisee Net Owned Funds Annex-III [See SECTION III, Paragraph 4] Details of locations 5. 6. 7. 8. 9. Shop & Establishment/ other applicable municipal certification in favour of the franchisee Conduct certificate of the franchisee from the local police authorities. (certified copy of Memorandum and Articles of Association and Certificate of Incorporation in respect of incorporated entities) Declaration regarding past criminal case, if any, cases initiated/ pending against the franchisee or its directors/ partners by any law enforcing agency, if any PAN Numbers of the franchisee and its directors/ partners Arrangements in place to surrender the foreign exchange 10. AML, Reporting, Audit and Inspection arrangements We declare that while selecting the franchisees adequate due dili....
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.... 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 column. (3) If more than one currency is purchased from the same tenderer, separate entries may be made. Date: 65 55 Name: Designation: Annex-VII [See SECTION V, Paragraph 14 (i) (d)] FLM 4 Register of purchases of foreign currency notes/coins from Authorised dealers and authorised money-changers Date Sr. Name and Currency Amount Rate Rupee Remarks No. address of the equivalent authorised dealer/ 1. 2. Date: authorised money- changers from whom purchased 3. 4. 5. 6. 7. 8. Name: Designation: 66 Annex-VIII [See SECTION V, Paragraph 14 (i) (e)] FLM 5 Register of sales of foreign currencies to the public Date Sr. Name of Nationa Details of Name of the Cou No ....
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.... 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 70 70 FLM 8 (For ADS Category-II) Summary statement of purchases and sales of foreign currency notes during Name and address of the Authorised the month of 20 RBI Licence No. Dealer Category-II A. Opening balance Purchases of foreign currency notes from (a) Public (b) RMCs/FFMCS/ADs including imports. (c) Agents/Franchisees B. Total Purch....
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....heques for the quarter ended on any day Opening Value of Balance foreign in the currency Amount realized in foreign Of Amount Maximum Column 3 remitted to balance amount TC issuing maintained Account notes/ currency credited organization encashed to from TCs in the TCS Foreign sold/ foreign exported Currency Debited for Account purchase of foreign currency account (Value in USD) Closing Remarks balance in the Foreign Currency Account during the currency quarter notes from ADs 1. 2. 3. 4. 5. 6. 7. 8. Certified that the above particulars are correct as per our records. Name and address of the AD Category - I Signature of Authorized Official of the AD Category - I with Seal 75 Annex- XIV [See SECTION V, Paragraph 15 (iv)] Statement of the amount of foreign currency written off during the financial year ended Name of the FFMC/ AD Category-II : A. Total amount written-off (in equivalent USD) :- B. Details of the amount written-off :- Sr. No. Date of write- off Amount o....