Reserve Bank Of India
(DIR Series) Circular No. 33
September 24, 2012
To
All Authorised Persons in Foreign Exchange
Madam/Sir,
Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards / Combating
the Financing of Terrorism (CFT) Obligation of Authorised Persons under
Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of
Money Laundering (Amendment) Act, 2009 – Money changing activities
Attention of Authorised Persons (APs) is invited to Para 4.4 (f) of F-Part- I of
the Annex to the A.P. (Dir Series) Circular No.17 [A.P.(FL/RL Series) Circular
No.04] dated November 27, 2009 on the captioned subject and condition (iv) of
Para 5 (Part-E) of Annex-I to the
A.P. (Dir Series) Circular No.57 [ A.P.(FL/RL
Series) Circular No.04] dated March 9, 2009 on Memorandum of Instructions
governing money changing activities, as amended from time to time.
- It is clarified that for sale of foreign exchange to a person within his/her
eligibility on single drawal, APs may receive payment only by crossed cheque
drawn on the bank account of the applicant's firm / company sponsoring the visit
of the applicant / Banker's cheque / Pay Order /Demand Draft / debit cards /
credit cards / prepaid cards, if the rupee payment exceeds Rs.50,000/-. For sale
of foreign exchange to a person within his/her eligibility through more than one
drawal within 30 days or for a single journey/visit abroad, APs may receive
second and subsequent payments only by crossed cheque drawn on the bank account
of the applicant's firm/company sponsoring the visit of the applicant/Bank's
cheque / Pay Order / Demand Draft / debit cards / credit cards / prepaid cards,
if the total rupee payment, including payments on earlier drawal /s, exceeds Rs.
50,000/- on the second or subsequent drawals.
- All the other instructions contained in the A.P.(DIR Series) Circular No. 17
[A.P.(FL/RL Series) Circular No.04] dated November 27, 2009, as amended from
time to time, shall remain unchanged.
- Authorised Persons may bring the contents of this circular to the notice of
their constituents concerned.
- The directions contained in this circular have been issued under Sections
10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and
are without prejudice to permissions / approvals, if any, required under any
other law.
Yours faithfully,
(Rudra Narayan Kar)
Chief General Manager
RBI/2012-13/219