RBI/2011-12/216
A.P. (DIR Series) Circular No.33
October 12, 2011
To,
All Authorised Persons in Foreign Exchange
Madam/ Sir,
Memorandum of Instructions governing money changing activities
Attention of Authorised Persons is invited to Parts A and E of the Annex I to
the Memorandum of Instructions governing money changing activities, issued vide
A. P. (DIR Series) Circular No. 57 [A.P. (FL/RL Series) Circular No. 04] dated
March 9, 2009.
- It has been decided to amend certain instructions contained in the
aforementioned Parts. The amended instructions are given in the Annex.
- All the other instructions contained in the A.P.(DIR Series) Circular No.57
{A.P.(FL/RL Series ) Circular No.4} dated March 9, 2009 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
non-compliance with the guidelines would attract penal provisions of Section
11(3) of the Act ibid.
Yours faithfully,
(Meena Hemchandra)
Chief General Manager-in-Charge
Annex
[Annex to A. P. (DIR Series) Circular No. 33
dated October 12, 2011]
Paragraph No.
[cf. Annex-I to the A.P.(DIR Series) Circular No.57 {A.P.(FL/RL Series)
Circular No.4} dated March 9, 2009] |
Earlier guidelines |
Revised guidelines |
| Note at the end of Part A |
[Note:- No fresh authorization will be issued to Urban Cooperative Banks
(UCBs) to function as FFMCs]. |
[Note: Urban Cooperative Banks (UCBs), fulfilling the eligibility norms,
would be considered for authorization as Authorised Dealer Category-I /
Authorised Dealer Category -II only.] |
| (E) 6 – Sales against Reconversion of Indian Currency
|
Note (2)
: ADs Category - I and ADs Category - II 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
• Ticket confirmed for departure within 7 days.
• Original ATM slip (to be verified with the original debit/ credit card).
|
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
• Ticket confirmed for departure within 7 days.
• Original ATM slip (to be verified with the original debit/ credit card).
|