RBI/2008-09/405
A. P. (DIR Series) Circular No. 57
A. P. (FL/RL Series) Circular No. 04
March 09, 2009
To,
All Authorised Persons in Foreign Exchange
Madam / Sir,
Memorandum of Instructions governing money changing activities
Attention of Authorised Persons is invited to the Memorandum of Instructions to
Authorised Money Changers (AMCs), issued vide
A. P. (DIR Series) Circular No. 43
(A.P. (FL Series) Circular No. 1) dated November 12, 2002 and other relevant
instructions issued from time to time, Anti-Money Laundering Guidelines (AML
Guidelines) for Authorised Money Changers issued vide
A. P. (DIR Series)
Circular No. 39 (A.P. (FL Series) Circular No. 02) dated June 26, 2006.
- In view of the growth in money changing activities and issuance of several
instructions including AML Guidelines on money changing activities, there was a
need to rationalise the existing instructions pertaining to money changing
activities. Accordingly, the instructions governing money changing activities
issued to AMCs, duly reviewed are enclosed (Annex).
- 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 Section
10(4) and Section 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,
(Salim Gangadharan)
Chief General Manager-in-Charge