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Master Direction - Money Changing Activities (Updated as on February 22 2017)

FEMA - 3/2015-16 - Dated:- 1-1-2016 - RBI/FED/2015-16/17 FED Master Direction No.3/2015-16 January 1, 2016 (Updated as on February 22, 2017) To All Authorised Persons in Foreign Exchange Madam / Dear Sir, Master Direction - Money Changing Activities In terms of Section 10 of the Foreign Exchange Management Act, 1999, Reserve Bank authorises persons designated as Authorised Persons to deal in foreign exchange as, inter alia, an Authorised Dealer or a money changer. 2. Authorised Money Changers (o .....

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o conduct foreign exchange business in compliance with the provisions of the Act and any rules, regulations, notifications, directions or orders made there under. 4. The directions relating to authorization, functioning of the money changers and Authorised Dealer Category II entities and their franchisees as well as the conduct of foreign exchange transactions with their customers/constituents are being issued in a consolidated form through the Master Direction enclosed herewith. Reporting instr .....

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(Shekhar Bhatnagar) Chief General Manager-in-Charge Master Direction - Money Changing Activities SECTION-I 1. Introduction Money changing business can be undertaken by Authorised Money Changers (AMCs) which are authorised by the Reserve Bank under Section 10 of the Foreign Exchange Management Act, 1999. 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 underta .....

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ce of FFMC Licence FFMCs are authorised to purchase foreign exchange from residents and non-residents visiting India and to sell foreign exchange for private and business travel purposes only. The guidelines for issue of new FFMC licence and renewal of FFMC licence, branch licensing, approval for appointment of agents / franchisees and Know Your Customer (KYC) / Anti Money Laundering (AML) / Combating of Financing of Terrorism (CFT) Guidelines for Authorised Persons (AP) are given below. (i) Ent .....

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lance of loss, Deferred revenue expenditure and Other intangible assets) (b) Net Owned Funds :- Owned funds minus the amount of investments in shares of its subsidiaries, companies in the same group, all (other) non-banking financial companies as also the book value of debentures, bonds, outstanding loans and advances made to and deposits with its subsidiaries and companies in the same group in excess of 10 per cent of the Owned funds. (ii) Documentation Application in the prescribed form should .....

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of the latest audited accounts with a certificate from the Statutory Auditors certifying the Net Owned Funds as on the date of application. Copies of the audited Balance Sheet and Profit & Loss Account of the company for the last three years, wherever applicable. Confidential Report from the applicant's banker in a sealed cover. A declaration to the effect that no proceedings have been initiated by / are pending with the Directorate of Enforcement (DoE) / Directorate of Revenue Intellige .....

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standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002 , and other instructions in this regard so far and from time to time in future, mutatis mutandis, applicable to APs, will be put in place on obtaining the approval of the Reserve Bank and before commencement of operations. Details of sister / associated concerns operating in the financial sector, like NBFCs, etc. A certified copy of the board resolution for undertaking money changing business. (iii) Basis fo .....

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MC. (# Also applicable to non-bank ADs Category - II) (c) Fit and proper criteria for directors of FFMCs * - Please see SECTION- VIII for the details in this regard. (* Also applicable to non-bank ADs Category - II) (d) Clearance by the Empowered Committee The request for issuance of FFMC licence would be considered by the Regional Office concerned of the Reserve Bank on the basis of the clearance by an Empowered Committee, set up for the purpose. (e) Reserve Bank s decision in the matter of gra .....

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fice concerned of the Reserve Bank. (h) New FFMCs should carry out their activities as per the instructions specified in SECTIONS V and VI below and other instructions issued by the Reserve Bank from time to time. [Note:- Urban Cooperative Banks (UCBs), fulfilling the eligibility norms, would be considered for authorization as Authorised Dealer Category-I / Authorised Dealer Category-II only.] SECTION II Guidelines for Grant of Authorisation for Additional Branches:- 1. No FFMC shall carry on mo .....

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s as deem fit. It is expected that branches of Authorised Persons should be diversified and should be meeting the demand of tourists, etc. Preference will be given to applications for branches in remote areas of tourist attraction. 2. Applications for additional locations (places of business) should be accompanied by the following:- A certificate from Proprietor/Partner/Director /CFO of the entity as regards the position of NOF. A declaration to the effect that no proceedings have been initiated .....

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ation of pending DoE / DRI cases as major / minor will be at the discretion of the Reserve Bank and the decision of the Reserve Bank will be final and binding. Where any DoE / DRI case is adjudicated and 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. A declaration that there is no change in the KYC/AML/CFT policy framework since its last submission to RBI. However, in case there is a change, a copy of the re .....

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submitted to the Regional Office concerned of the Reserve Bank before commencement of business at an additional branch. 4. For opening Foreign Exchange Counters (full-fledged branches/ extension counters) at the international airports in India, AD Category-I banks/ AD Category - II/ FFMCs should adhere to following conditions. Foreign Exchange Counters in the arrival halls in international airports in India shall ideally be established after the Customs Desk (Green Channel/Red Channel). However .....

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on desk, whichever comes first. However, to enable the non-residents to convert their unspent/ excess Indian Rupees above the limits laid down at para (c) and (d) below, Foreign Exchange Counters at the departure halls in the international airports may be established in the Duty Free Area/SHA beyond the Immigration/Customs desk. Resident Indians as well as those Non-residents who are - (i) not citizens of Pakistan or Bangladesh and (ii) not going to Pakistan or Bangladesh, are allowed to take In .....

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elines for appointment of Agents / Franchisees by Authorized Dealer Category - I Banks, Authorized Dealers Category - II and FFMCs 1. Under the Scheme, the Reserve Bank permits AD Category - I Banks, AD Category - II banks and FFMCs to enter into [franchisee (also referred as agency)] agreements at their option for the purpose of carrying on Restricted Money Changing business i.e. conversion of foreign currency notes, coins or travellers' cheques into Indian Rupees. However, franchisees of A .....

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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 names of their franchisers, exchange rates and that they are authorized only to purchase foreign currenc .....

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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 for appointment of franchisees under this Scheme. The application should be accompanied by a declaration that while selecting the franchisees, adequate due diligence has been carried out and that such entities have undertaken to comply with all the provisions of the franchising agreeme .....

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nducting 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 money changing activities will be conducted. conduct certificate of the franchisee from the local police authorities (certified copy of Memorandum and Art .....

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nchisee 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 Category - II / FFMCs should obtain from the franchisees proper documentary evidence confirming the location of the franchisees in addition to personal visits to the site. The AD Categor .....

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chisees, 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 Territories) and the North-Eastern States, the distance restriction given in point (i) above is not applicable. 7. Training Franchisers are expected to impart training to the franchis .....

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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 also be put in place. The purpose of such inspection is to ensure that the money changing business is being carried out by the franchisees in conformity with the terms of the ag .....

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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 the matter to the notice of the Reserve Bank immediately. A decision will be taken by the Reserve Bank regarding allowing the FFMC / non-bank AD Category - II to appoint franc .....

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oned 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 pending with the Directorate of Enforcement / Directorate of Revenue Intelligence or any other law enforcing authorities against the applicant company or its directors and that no criminal cas .....

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ence 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 India freely without limit provided it is declared on the Currency Declaration Form (CDF) on arrival to the Custom Authorities. When foreign exchange brought in the form of currency notes or .....

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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 well as non-residents. Where the foreign currency was brought in by declaring on form CDF, the tenderer should be asked to produce the same. The AMC should invariably insist on production of .....

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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 production of a valid encashment certificate. 4. Purchases from other AMCs and Authorized Dealers (ADs) AMCs may purchase from other AMCs and ADs any foreign currency notes, coins and encashed .....

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taking 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 eligible to avail of this quota for private visits provided the applicant is not availing of facilities for remittance of his salary, savings, etc., abroad in terms of extant regulations. (I .....

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y-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. In this regard, it is clarified that prepaid foreign currency cards are a form of foreign currency, similar to foreign currency notes or travellers cheques. As such, the authorised dealers/FFMCs selling pre-paid foreign currency cards for travel purposes are requir .....

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ence of an authorized official and the purchaser s acknowledgement for receipt of the travellers cheques should be held on record. AMCs may release foreign exchange for travel purposes on the basis of a declaration given by the traveler regarding the amount of foreign exchange availed of during the financial year. 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). Whe .....

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der/ Demand draft, AMCs may also accept the payments made by the traveller through debit cards/ credit cards/ prepaid cards for travel abroad (for private visit or for any other purpose) provided- (i) KYC/ AML / CFT guidelines are complied 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 ca .....

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: AMCs may convert at their discretion, unspent Indian currency up to ₹ 10,000 in the possession of non-residents if, for bonafide reasons, the person is unable to produce an Encashment Certificate after ensuring that the departure 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 .....

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avellers' cheques at rates of exchange determined by market conditions and in alignment with the ongoing market rates. 9. Display of Exchange Rate Chart AMCs should display at a prominent place in or near 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 AMCs should keep balances in foreign cu .....

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(i) AMCs may obtain their normal business requirements of foreign currency notes from other AMCs / authorized dealers in foreign exchange in India, against payment in rupees made by way of account 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 curre .....

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road subject to the condition that either the realizable value is credited in advance to the AD Category - I bank s nostro account or a guarantee is issued by an international bank of repute covering 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 .....

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llers' cheques) in form FLM 2. Register of purchases of foreign currencies from the public in form FLM 3. Register of purchases of foreign currency notes / coins from authorized dealers and authorized money changers in form FLM 4. Register of sales of foreign currency notes / coins and foreign currency travellers' cheques to the public in form FLM 5. Register of sales of foreign currency notes / coins to authorized dealers / Full Fledged Money Changers / overseas banks in form FLM 6. Reg .....

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egisters should be maintained for each establishment, if the AMC maintains more than 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 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 so as to reach not later tha .....

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s maintained in India in their names with AD Category-I Banks to the Regional Office concerned of the Foreign Exchange Department, Reserve Bank as per the prescribed format. 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 prescribed format. 16. Inspe .....

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ions to the Inspecting Officers, 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 .....

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ify that the Concurrent Audit and 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 Reser .....

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ns:- (i) Only one account may 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. 20. Opening of Nostro Account .....

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y will be subject to reporting requirements as prescribed from time to time. 21. 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 .....

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), Urban Co-operative Banks (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 D .....

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inancing of Terrorism (CFT)/Obligation 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 sub .....

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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, civil actio .....

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for the purpose as given in the Master direction on Reporting. (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, wh .....

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egislative 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 as given in the Master direction on Reporting. (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. 1Annex Standard Operating Procedure (SOP) for non- .....

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of Indian currency or foreign exchange should be effected by the person(s) authorised, who should carry the supporting documents while moving the cash. The movement should be on the basis of requisition made by the receiver and to the address of the destination. 2. If the cash is being moved from the office/branch of the AP, it should leave the place only after it has been recorded in the books of accounts of the AP. 3. Similarly, if the destination point of movement of the currency is the offi .....

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ansaction should be supported by necessary documents for value received. The delivery of the forex should be done by authorised officials of the AP only. C. As far as possible movement of Indian Currency should be made through banking channels (viz. cheque, demand draft, NEFT, RTGS, IMPS etc.) only. The transactions between authorized dealers and FFMCs should be settled by way of account payee crossed cheques / demand drafts/ and in no circumstances the settlement of Indian Currency should be ma .....

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ices/ branch of the AP. Appendix List of A.P.(DIR Series) Circulars which have been consolidated in the Master Direction on money changing activities Sl. No. A.P.(DIR Series) Circular Date 1. A.P. (DIR Series) Circular No. 43 [ A.P.(FL Series) Circular No. 1] November 12, 2002 2. A.P. (DIR Series) Circular No.57[A.P.(FL/ RL Series) Circular No. 04] March 9, 2009 3. A.P. (DIR Series) 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 .....

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IR Series) Circular No.40 [A.P. (FL/RL Series) Circular No.10] January 25, 2011 11 A.P. (DIR Series) Circular No.49 [A.P. (FL/RL Series) Circular No.11] April 06, 2011 12 A.P. (DIR Series) Circular No.51 [A.P. (FL/RL Series) Circular No.13] April 06, 2011 13 A.P. (DIR Series) Circular No.61 May 16, 2011 14 A.P. (DIR Series) Circular No.63 May 20, 2011 15 A.P. (DIR Series) Circular No.65 May 20, 2011 16 A.P.(DIR Series) Circular No.21 September 19, 2011 17 A.P.(DIR Series) Circular No.23 Septembe .....

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