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Master Circular on Memorandum of Instructions governing money changing activities

Master Circular on Memorandum of Instructions governing money changing activities - FEMA - 10/2015-16 - Dated:- 1-7-2015 - RBI/2015-16/92 Master Circular No.10/2015-16 July 01, 2015 To, All Authorised Persons in Foreign Exchange Madam / Sir, Master Circular on Memorandum of Instructions governing money changing activities This Master Circular consolidates the existing instructions on the subject of Memorandum of Instructions governing money changing activities at one place. The list of underlyin .....

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idelines for Licencing and other Approvals for Authorised Money Changers (AMCs) SECTION II Guidelines for Grant of Authorisation for Additional Branches SECTION III Guidelines for appointment of Agents / Franchisees by Authorized Dealer Category - I Banks, Authorized Dealers Category - II and FFMCs SECTION IV Guidelines for Renewal of licences of existing FFMCs : SECTION V Operational Instructions SECTION VI KYC/ AML/ CFT Guidelines SECTION VII Revocation of Licence SECTION VIII Fit and proper c .....

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' Cheques Annex- XIII Statement of the amount of foreign currency written off during the financial year Appendix SECTION-I Guidelines for Licencing and other Approvals for Authorised Money Changers (AMCs) 1. Introduction Authorised Money Changers (AMCs) are entities, authorised by the Reserve Bank under Section 10 of the Foreign Exchange Management Act, 1999. An AMC is a Full Fledged Money Changer (FFMC). In addition to Authorised Dealer Category -I Banks (AD Category-I Banks) and Authorised .....

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II / FFMCs may appoint franchisees to undertake purchase of foreign currency*. No person shall carry on or advertise that he carries on money changing business unless he is in possession of a valid money changer s licence issued by the Reserve Bank. Any person found undertaking money changing business without a valid licence is liable to be penalised under the Act ibid. * Note :- Franchisees of AD Category -I Banks / ADs Category - II / FFMCs functioning within 10 kms from the borders of Pakist .....

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bating of Financing of Terrorism (CFT) Guidelines for Authorised Persons are given below. (i) Entry Norms (i) The applicant has to be a company registered under the Companies Act, 1956. (ii) The minimum Net Owned Funds (NOF) required for consideration as FFMC are as follows: Category Minimum Net Owned Funds Single branch FFMC ₹ 25 lakh Multiple branch FFMC ₹ 50 lakh Note :- The Net Owned Funds of applicants, other than banks, should be calculated as per the following. (a) Owned Funds .....

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up in excess of 10 per cent of the Owned funds. (ii) Documentation Application in the form, as at Annex - I, should be submitted to the respective Regional Office of the Foreign Exchange Department of the Reserve Bank under whose jurisdiction the registered office of the applicant falls, along with the following documents: (a) Copy each of the Certificate of Incorporation and Certificate of Commencement of Business of the company. (b) Memorandum and Articles of Association containing a provision .....

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t that no proceedings have been initiated by / are pending with the Directorate of Enforcement (DoE) / Directorate of Revenue Intelligence (DRI) or any other law enforcing authorities, against the applicant company or its directors and that no criminal cases are initiated / pending against the applicant company or its directors. (f) A declaration to the effect that proper policy framework on KYC / AML / CFT, in accordance with the guidelines issued by Reserve Bank of India, Department of Banking .....

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ing in the financial sector, like NBFCs, etc. (h) A certified copy of the board resolution for undertaking money changing business. (iii) Basis for Approval (i) Since several FFMCs are already functioning, fresh licences will be issued on a selective basis to those who comply with all the licencing requirements. (ii) 'Fit and proper' criteria for the applicant FFMCs # If any case by DoE / DRI or any other case by any other law enforcing authorities, is initiated / pending against any com .....

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f the Reserve Bank on the basis of the clearance by an Empowered Committee, set up for the purpose. (v) Reserve Bank s decision in the matter of granting approval or otherwise will be final and binding. (vi) On obtaining approval from the Reserve Bank, a copy of the registration under Shops & Establishment Act or any other documentary evidence such as rent receipt, copy of lease agreement, etc. should be submitted to the Regional Office concerned of the Reserve Bank before commencement of th .....

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Category-I / Authorised Dealer Category-II only.] SECTION II Guidelines for Grant of Authorisation for Additional Branches :- 1. No FFMC shall carry on money changing business at any additional place of business other than its permanent place of business except with the prior approval of the Reserve Bank. An FFMC which intends to commence money changing business at any additional place of business shall apply in writing to the respective Regional Office of the Foreign Exchange Department under .....

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f the latest audited accounts with a certificate from the Statutory Auditors regarding the position of Net Owned Funds as on the date of application. (b) Confidential Report from the applicant's banker in a sealed cover. (c) A declaration to the effect that no proceedings have been initiated by / are pending at the Directorate of Enforcement (DoE) / Directorate of Revenue Intelligence (DRI) or any other law enforcing authorities against the applicant or its directors and that no criminal cas .....

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penalty is imposed, a view will be taken, on the basis of the nature of the offence, provided no fresh case is instituted by DoE / DRI. (d) A copy of the KYC / AML/ CFT policy framework existing in the company. (e) Brief write-up on the internal control systems, including internal and external audit. 3. A copy of the registration under Shops & Establishment Act or any other documentary evidence such as rent receipt, copy of lease agreement, etc. should be submitted to the Regional Office con .....

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lso be established between the Immigration Desk and the Customs Desk in international airports in India subject to the condition that these counters shall only purchase foreign currency and sell Indian Rupees (INR) and "Encashment Certificates" shall invariable be issued by the money changers to the customers. (b) Foreign Exchange Counters in the departure halls in international airports in India shall be established before the Customs Desk or the immigration desk, whichever comes firs .....

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not exceeding ₹ 25,000/- while leaving the country though an airport. (d) Citizens of Pakistan and Bangladesh exiting the country by air are allowed to carry up to a maximum of ₹ 10,000/- up to the boarding point in international airports, but not beyond. 5. The FFMC should commence operations of its additional branch within a period of six months from the date of issuance of licence and inform the Regional Office concerned of the Reserve Bank. SECTION III Guidelines for appointment .....

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h has a place of business and a minimum Net Owned Funds of ₹ 10 lakh. Franchisees can undertake only restricted money changing business. 3. Franchisee Agreement AD Category-I Banks / ADs Category-II / FFMCs as the franchisers are free to decide on the tenor of the arrangement as also the commission or fee through mutual agreement with the franchisee. The Agency / Franchisee agreement to be entered into should include the following salient features: (a) The franchisees should display the na .....

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f proper record of transactions by the franchisee. (d) The on-site inspection of the franchisee by the franchiser should be conducted at least once a year. 4. Procedure for application An AD Category - I Bank / AD Category - II/ FFMC should apply to the respective Regional Office of the Reserve Bank, in Form RMC-F (Annex-II) for appointment of franchisees under this Scheme. The application should be accompanied by a declaration that while selecting the franchisees, adequate due diligence has bee .....

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of Franchisees The AD Category Banks - I / ADs Category - II / FFMCs should undertake the following minimum checks while conducting the due diligence of the franchisees : • existing business activities of the franchisee/ its position in the area. • minimum Net Owned Funds of the franchisee. • Shops & Establishments / other applicable municipal certification in favour of the franchisee. • verification of physical existence of location of the franchisee, where restricted m .....

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dings initiated / pending against them by any law enforcing agencies. • declaration regarding past criminal case, if any, cases initiated / pending against the franchisee or its directors / partners by any law enforcing agency, if any. • PAN Card of the franchisee and its directors / partners. • photographs of the directors / partners and the key persons of franchisee. The above checks should be done on a regular basis, at least once in a year. The AD Category - I Banks / ADs Cate .....

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istance of 100 kms. from their controlling branches concerned. (ii) However, this distance criterion is exempted in case of a recognized group/ chain of hotels appointed as franchisees, provided the headquarters of the group/chain of hotels falls within a distance of 100 kms. of the controlling branch of the AD Category - I banks / AD Category - II/ FFMCs (franchiser) concerned. (iii) Further, in case of areas declared as hilly areas (as defined by the respective State Governments/ Union Territo .....

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lar spot audits of all locations of franchisees, at least once in six months, should be conducted by AD Category-I Banks / ADs Category-II / FFMCs. Such audits should involve a dedicated team and 'mystery customer' (individuals acting as potential customers to experience and measure the extent up to which people and process perform as they should) concept should be used to test the compliance level of the franchisees. A system of annual inspection of the books of the franchisees should a .....

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D Category-I Banks / ADs Category - II / FFMCs. Note:- No licence for appointment of franchisees will be issued to any FFMC / non-bank AD Category - II, against whom any major DoE / DRI / CBI / Police case is pending. In case where any FFMC / non-bank AD Category - II has received one-time approval for appointing franchisees and subsequent to the date of approval, any DoE / DRI / CBI / Police case is filed, the FFMC / non-bank AD Category - II should not appoint any further franchisees and bring .....

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s: Category Minimum Net Owned Funds Single branch FFMC ₹ 25 lakh Multiple branch FFMC ₹ 50 lakh 3. Applications for renewal should be submitted along with the documents, mentioned below. (a) Copy of the latest audited accounts with a certificate from the Statutory Auditors regarding the position of Net Owned Funds as on date. (b) Confidential Report from the applicant's banker in a sealed cover. (c) A declaration to the effect that no proceedings have been initiated by/ are pendi .....

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before the expiry of the licence. Where a person submits an application for the renewal of his money changer s licence, the licence shall continue in force until the date on which the licence is renewed or the application is rejected, as the case may be. No application for renewal of a money-changer s licence shall be made after the expiry of the licence. SECTION V Operational Instructions 1. Bringing in and taking out of Foreign Exchange (i) Foreign exchange in any form can be brought into Ind .....

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d dealer or a money changer is prohibited unless it is covered by a general or special permission of the Reserve Bank. Non-residents, however, have general permission to take out an amount not exceeding the amount originally brought in by them, subject to compliance with the provisions of sub-para (i) above. 2. Purchases of Foreign Currency from Public (i) Authorised Money Changers (AMCs) / franchisees may freely purchase foreign currency notes, coins and travellers cheques from residents as wel .....

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in cases of purchases of foreign currency notes, coins and travellers cheques from residents as well as non-residents. These certificates bearing authorized signatures should be issued on the letter head of the money changer and proper record should be maintained. (ii) In cases where encashment certificate is not issued, attention of the customers should be drawn to the fact that unspent local currency held by non-residents will be allowed to be converted into foreign currency only against prod .....

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the prescribed ceiling specified in Schedule III to the Foreign Exchange Management (Current Account Transaction) Rules, 2000 during a financial year to persons resident in India for undertaking one or more private visits to any country abroad (except Nepal and Bhutan). Exchange for such private visits will be available on a self-declaration basis to the traveller regarding the amount of foreign exchange availed during a financial year. Foreign nationals permanently resident in India are also e .....

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abroad for medical treatment / check-up up to the limits specified in Schedule III to FEMA (Current Account Transactions) Rules, 2000. (III) Forex Pre-paid Cards Authorised Dealers Category-II may issue forex pre-paid cards to residents travelling on private/business visit abroad, subject to KYC/AML/CFT requirements. However, the settlement in respect of forex pre-paid cards may be effected through AD Category-I banks. Conditions i. The Reserve Bank will not generally, prescribe the documents w .....

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egarding the amount of foreign exchange availed of during the financial year. iv. AMCs may accept payment in cash below ₹ 50,000/- (Rupees fifty thousand only) against sale of foreign exchange for travel abroad (for private visit or for any other purpose). Wherever the sale of foreign exchange is for the amount equivalent to ₹ 50,000/- and above whether it involves a single drawal or multiple drawals for a single journey, the payment must be received only by a crossed cheque drawn on .....

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plied with, (ii) sale of foreign currency/ issue of foreign currency travellers cheques is within the limits (credit/ prepaid cards) prescribed by the bank, (iii) the purchaser of foreign currency/ foreign currency travellers cheque and the credit/ debit/ prepaid card holder is one and the same person. v. The sale of foreign currency notes and coins within the overall entitlement of foreign exchange should be restricted to the limits prescribed by the Reserve Bank from time to time for the count .....

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parture is scheduled to take place within the following seven days. Note (2) : ADs Category - I, ADs Category - II and FFMCs may provide facility for reconversion of Indian Rupees to the extent of ₹ 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). 7. Cash Memo AMCs may issue a cash m .....

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the public counter, a chart indicating the rates for purchase/sale of foreign currency notes and travellers' cheques for all the major currencies and the card rates for any day, should be updated, latest by 10:30 a.m. 10. Foreign Currency Balances (i) AMCs should keep balances in foreign currencies at reasonable levels and avoid build up of idle balances with a view to speculating on currency movements. (ii) Franchisees should surrender foreign currency notes, coins and travellers' cheq .....

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unt payee crossed cheque / Demand Draft. (ii) Where AMCs are unable to replenish their stock in this manner, they may make an application to the Forex Markets Division, Foreign Exchange Department, Central Office, Reserve Bank of India, Mumbai through an AD Category-I for permission to import foreign currency into India. The import should take place through the designated AD Category-I through whom the application is made. 12. Export / Disposal of surplus Foreign Currency Notes / Travellers' .....

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vering the full value of the foreign currency notes / coins to be exported. 13. Write-off of fake foreign currency notes In the event of foreign currency notes purchased being found fake/forged subsequently, AMCs may write- off up to US $ 2000 per financial year after approval of their Top Management after exhausting all available options for recovery of the amount. Any write-off in excess of the above amount, would require the approval of the Regional Office concerned of the Foreign Exchange De .....

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urrency notes / coins from authorized dealers and authorized money changers in form FLM 4 (Annex-VI). (e) Register of sales of foreign currency notes / coins and foreign currency travellers' cheques to the public in form FLM 5 (Annex-VII). (f) Register of sales of foreign currency notes / coins to authorized dealers / Full Fledged Money Changers / overseas banks in form FLM 6 (Annex-VIII). (g) Register of travellers' cheques surrendered to authorized dealers / authorized money changers / .....

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one place of business. Note :- Inter-branch transfer of foreign currencies should be accounted as stock transfer and not as sales. 15. Submission of Statements to the Reserve Bank (i) AMCs should submit to the office of the Reserve Bank which has issued the license, a monthly consolidated statement for all its offices in respect of sale and purchase of foreign currency notes in form FLM 8 (Annex-X) so as to reach not later than the 10th of the succeeding month. (ii) AMCs should submit to the Reg .....

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ategory-I Banks to the Regional Office concerned of the Foreign Exchange Department, Reserve Bank as per the format in Annex-XII. (iv) An Annual Statement should be submitted by all the AMCs to the respective Regional Offices of the Foreign Exchange Department, Reserve Bank which have issued the licenses within one month of the financial year-end, giving the details of the amount written off during the financial year, as per the format as at Annex-XIII. 16. Inspection of Transactions of AMCs Sec .....

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shall be deemed to be a contravention of the provisions of the Act ibid. 17. Concurrent Audit (i) AMCs should put in place a system of Concurrent Audit of the transactions undertaken by them. (ii) All single branch AMCs having a turnover of more than US $ 100,000 or equivalent per month. Single branch AMCs having turnover of less than US $ 100,000 or its equivalent may institute a system of quarterly audit. AMCs having multiple branches, may put in place a system of Concurrent Audit which will c .....

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the internal control systems are working satisfactorily. 18. Temporary Money Changing Facilities AMCs are authorized to transact money changing business only at the location or locations specifically indicated in the licence. If it is intended to provide money changing facilities on a temporary basis on certain special occasions, a separate application should be made for the purpose to the Regional Office concerned of the Foreign Exchange Department of the Reserve Bank. Full details such as per .....

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be permitted at a particular centre. (ii) Only the value of foreign currency notes/ encashed TCs exported through the specific bank and realized can be credited to the account. (iii) Balances in the accounts shall be utilized only for settlement of liabilities on account of- (a) TCs sold by the AMCs and (b) Foreign currency notes acquired by the AMCs from AD Category-I banks. (iv) No idle balance shall be maintained in the said account. (B) Opening of Nostro Account by Authorised Dealers Catego .....

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g requirements as prescribed from time to time. 20. Submission of Balance Sheet and maintenance of NOF All AMCs are required to submit their annual audited balance sheet to the respective Regional office of the Reserve Bank for the purpose of verification of their Net Owned Funds along-with a certificate from the statutory auditors regarding the NOF as on the date of the balance sheet. As AMCs are expected to maintain the minimum NOF on an ongoing basis, if there is any erosion in their NOF belo .....

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UCBs) and Non-Banking Financial Companies (NBFCs)], having a minimum net worth of ₹ 5 crore, may participate in the designated currency futures and currency options on exchanges recognized by the Securities and Exchange Board of India (SEBI) as clients only for the purpose of hedging their underlying foreign exchange exposures. FFMCs and ADs Category-II which are RRBs, LABs, UCBs and NBFCs, may be guided by the instructions issued by the respective regulatory Departments of the Reserve Ban .....

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ligation of banks under PMLA, 2002 and other instructions in this regard so far and from time to time in future shall, mutatis mutandis, be applicable to all Authorised Persons (APs), their agents and franchisees. SECTION VII Revocation of Licence The Reserve Bank reserves the right to revoke the licence granted to an AMC at any time if the Reserve Bank is satisfied that (a) it is in public interest to do so or (b) the AMC has failed to comply with any condition subject to which the authorisatio .....

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(iii) (iii)] Fit and proper criteria for directors of FFMCs / non-bank ADs Category - II (a) The Boards of FFMCs / non-bank ADs Category - II should undertake a process of due diligence to determine the suitability of the person for appointment / continuing to hold appointment as a director on the Board, based upon qualification, expertise, track record, integrity and other fit and proper criteria. For assessing integrity and suitability, factors like criminal record, if any, financial position, .....

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g directors for the purpose in Proforma given at the end. (b) The process of due diligence should be undertaken by the FFMCs / non-bank ADs Category - II at the time of appointment / renewal of appointment. (c) The Boards of the FFMCs / non-bank ADs Category - II should constitute Nomination Committees to scrutinize the declarations. (d) Based on the information provided in the signed declaration, Nomination Committees should decide on the acceptance or otherwise and may make references, where c .....

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ative Assembly / Member of Legislative Council. (g) Any change in directors during the year should be reported to the Regional Office concerned of the Foreign Exchange Department, Reserve Bank of India in the Proforma given below. (h) Comments of respective Departments of the Reserve Bank will be obtained on the operations of an applicant who / whose parent organisation is already licenced / authorised by the Reserve Bank. Proforma Information about New Directors / Change of Directors of the FFM .....

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company/ies : 11. (i) Whether prosecuted/convicted for any economic offence either in the individual capacity or as a partner / director of any firm / company (ii) If yes, particulars thereof : 12. Experience in money changing business (number of years) : 13. Equity shareholding in the company No. of shares : Face value : Percentage to total equity share capital of the company : Signature Date Place : : : Name Designation (Chief Executive Officer) Company : : : Annex-I [See SECTION I, Paragraph .....

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Business) of the company 6. Copy of Memorandum of Association together with a letter indicating the clause which provides for taking up money changer's business. 7. Confidential report from the applicant's bank/s in CIR format. 8. Net Owned Funds A copy of the latest Audited Balance Sheet of the applicant company together with a certificate from their Statutory Auditors certifying their Net Owned Funds as on the date of application and calculation thereof is to be enclosed. 9. Declaratio .....

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business. 14. Whether the applicant had applied earlier for FFMC / RMC licence. If so, the particulars thereof. 15. Any other particulars / special reasons the applicant may wish to state in support of the application. We undertake that in the conduct of money changing business, we shall at all time abide by the rules/regulations/orders/directions/notifications which Reserve Bank may from time to time issue in this behalf. Place: Date: Signature of the applicant with seal Enclosures: 1. Bankers .....

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isee 4. Net Owned Funds 5. Shop & Establishment/ other applicable municipal certification in favour of the franchisee 6. Conduct certificate of the franchisee from the local police authorities. (certified copy of Memorandum and Articles of Association and Certificate of Incorporation in respect of incorporated entities) 7. Declaration regarding past criminal case, if any, cases initiated/ pending against the franchisee or its directors/ partners by any law enforcing agency, if any 8. PAN Num .....

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1 Daily Summary and Balance Book (Foreign Currency notes/coins) Date:_________________ Pound Sterling U.S. Dollar Euro Yen Other (Pl. specify) I. Opening Balance II. Add: Purchases (i) Purchases from the public (ii) Purchases from authorized dealers, money- changers and franchisees (iii)Import from abroad for replenishment of stock Total purchases Total (I + II) III. Less Sales: (i) Sales to public (ii) Sales to authorized dealers/full-fledged money changers (iii) Despatched abroad for realizat .....

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es from the public 2) Purchases from others (including fresh stock received) Total (I + II) III. Less :1) Sales to public 2)Surrender to ADs/FFMCs 3) Exports IV. Closing Balance (I + II - III) Pre-paid cards sold No. Amount. Date: Name:__________________________ Designation:______________________ _______________________________________________________________ Note:- Stock register of blank travellers cheques/ smart cards in various denominations obtained from authorized dealers/ TC issuers/ othe .....

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ks 9. 10. 11. 12. 13. 14. NOTES : (1) If the money-changer is dealing in a large number of currencies, two or more registers currency- wise or otherwise may be maintained, as convenient. (2) If travellers cheques are purchased, the prefix, "TC" may be indicated in the amount column. (3) If more than one currency is purchased from the same tenderer, separate entries may be made. Date: Name:__________________________ Designation:____________________ Annex-VI [See SECTION V , Paragraph 14 .....

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ame of the tenderer Nationality & Full Address Details of Identification Document Name of the sponsoring Organisation Country/ies of visit Purpose of visit Duration of stay abroad (No. of days) 1. 2. 3. 4. 5. 6. 7. 8. 9 Particulars of foreign currency notes/coins/ TCs/pre-paid cards Rate Rupee equivalent Commission charged, if any Total amount received Cash Memo No. & Date Remarks Name of Currency Amount in Notes/ Coins Amount in TCs/ cards By Cash By Cheque 10 11 12 13 14 15 16 17 18 19 .....

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sed dealers / full fledged money changers/overseas banks Date Sr. No. Name and address of the authorised dealer/full fledged Money changer/ overseas bank to whom sold Currency Amount Rate Rupee Equivalent received Remarks 1. 2. 3. 4. 5. 6. 7. 8. Note :- Necessary entries in the register should be made before the funds are taken out of the premises, not after delivery of funds. Date: Name:_______________________________ Designation:______________________ Annex-IX [See SECTION V , Paragraph 14 (i) .....

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es of foreign currency notes during the month of __________20 RBI Licence No.________ Name and address of money changer USD GBP EURO JPY Others (Specify) A. Opening balance Purchases of foreign currency notes from (a) Public (b) RMCs/FFMCs/ADs including imports. (c) Agents/Franchisees B. Total Purchases (a) + (b) + (c) Sales of foreign currency notes under (a) BTQ (b) Business Visits (c) Sales to other FFMCs/ADs including exports C. Total Sales [ (a) + (b) + (c) ] Closing balance (A+B - C) We he .....

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______ USD GBP EURO JPY Others (Specify) A. Opening balance Purchases of foreign currency notes from (a) Public (b) RMCs/FFMCs/ADs including imports. (c) Agents/Franchisees B. Total Purchases (a) + (b) + (c) Sales of foreign currency notes under( with purpose codes) (a) (i) BTQ /(ii) Private Visits (S0302) (b) (i) Business Visits/(ii) Business Travel (S0301) (c) Remittance by tour operators / travel agents to overseas agents / principals / hotels( S0306) (d) Film shooting(S1101) (e) Medical Trea .....

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ent and processing, assessment fees for overseas job applications/(vi) Skills / credential assessment fees for intending migrants/(vii) Visa fees /(viii) Processing fees for registration of documents as required by the Portuguese / other Governments/ (ix) Registration / Subscription / Membership fees to International Organizations (S1102) (h) Emigration Fees (S1202) (i) Emigration Consultancy Fees (S1006) (k) Sales to other FFMCs/ADs including exports C. Total Sales [ (a) + (b) + (c) + (d) + (e) .....

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e and address of the person surrendering the foreign currency Amount Currency/ TCs Signature of Authorized Official with Seal Annex- XII [See SECTION V , Paragraph 15 (iii)] Statement showing summation of Foreign Currency Account opened in India out of export proceeds of Foreign Currency Notes/ encashed Travellers' Cheques for the quarter ended ___________ (Value in USD) Opening Balance in the Account Value of foreign currency notes/ encashed TCs exported Amount realized in foreign currency .....

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- I with Seal Annex- XIII [See SECTION V, Paragraph 15 (iv)] Statement of the amount of foreign currency written off during the financial year ended ______________ Name of the FFMC/ AD Category-II : A. Total amount written-off (in equivalent USD) :- B. Details of the amount written-off :- Sr. No. Date of write-off Amount of foreign currency (with currency-wise break-up) On account of * Approved by FFMC/AD Category-II/ Reserve Bank 1. 2. 3. 4. 5. Total : * Please indicate whether on account of be .....

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s) Circular No.06 [A.P.(FL/ RL Series) Circular No. 01] August 3, 2009 4. A.P. (DIR Series) Circular No. 17 [ A.P.(FL Series) Circular No. 04] November 27, 2009 5 A.P.(DIR Series) Circular No.18 [ A.P.(FL Series ) Circular No. 01] November 25, 2010 6 A.P. (DIR Series) Circular No.20 [A.P. (FL/RL Series) Circular No.03] November 30, 2010 7 A.P. (DIR Series) Circular No.24 [A.P. (FL/RL Series) Circular No.05] December 13, 2010 8 A.P. (DIR Series) Circular No.25 [A.P. (FL/RL Series) Circular No.06] .....

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