July 29, 2002. EC.CO.FMD.NO.1/18.07.01/2002-03. All Authorised Dealers in Foreign Exchange Dear Sirs, Remittance towards Settlement of Travellers'
Cheques sold by Full fledged Money Changers It has come to our notice that some Authorised Dealers have been affecting remittances in settlement of Travellers' Cheques (TCs) sold by Full Fledged Money Changer (FFMCs), to entities other than the TC issuing organizations. 2. Authorised Dealers may note that remittances in settlement of TCs sold in India are required to be made only to the TC issuing organizations or the accredited agents of the TC issuing organisation. 3. Non-compliance of the directions contained in this circular shall attract penalties prescribed under Section 11(1) of the Foreign Exchange Management Act, 1999. Yours faithfully, (G. Padmanabhan)
General Manager |