RBI/2008-09/405 |
A. P. (DIR Series) Circular No. 57 |
A. P. (FL/RL Series) Circular No. 04 |
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March 09, 2009 |
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To, |
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All Authorised Persons in Foreign Exchange |
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Madam / Sir, |
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Memorandum of Instructions governing money changing activities |
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2. In view of the growth in money changing activities and issuance of several instructions including AML Guidelines on money changing activities, there was a need to rationalise the existing instructions pertaining to money changing activities. Accordingly, the instructions governing money changing activities issued to AMCs, duly reviewed are enclosed (Annex). |
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3. Authorised persons may bring the contents of this circular to the notice of their constituents concerned. |
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4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and non-compliance with the guidelines would attract penal provisions of Section 11(3) of the Act ibid. |
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Yours faithfully, |
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(Salim Gangadharan) |
Chief General Manager-in-Charge |
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