Reserve Bank Of India
A.P. (DIR Series) Circular No. 50
November 7, 2012
To,
All Authorized Persons,
Madam / Sir,
Memorandum of Instructions governing Money Changing Activities
Attention of Authorised Persons is invited to Para 17 of Part E of the Annex-I
to the Memorandum of Instructions to Authorised Money Changers (AMCs), issued
vide A. P. (DIR Series) Circular No. 57 [ A.P.(FL/RL Series) Circular No.04]
dated March 09, 2009 in terms of which 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.
2. On a review based on representations received, it has been decided to allow
AMCs having multiple branches to put in place a system of Concurrent Audit which
will cover 80 per cent of the transactions value-wise under a system of monthly
audit and rest 20 per cent of the transactions value-wise under quarterly audit.
3. All other instructions issued vide
A.P.(DIR Series) Circular No. 57 [
A.P.(FL/RL Series) Circular No.04 ] dated March 09, 2009, as amended from time
to time will remain unchanged.
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 are without prejudice to permission /approvals, if any, required under
any other law.
Yours faithfully,
(Rudra Narayan Kar)
Chief General Manager
RBI/2012-13 /287