The Reserve Bank of India (RBI) on May 27, 2024, issued the notification regarding the Instructions on Money Changing Activities.
The following has been stated namely: -
• The value of foreign currency notes sold by FFMCs/non-bank ADs Category -II to the public for permitted purposes should not be less than 75% of the value of foreign currency notes purchased from other FFMCs/ADs, on a quarterly basis from July 01, 2024
• Data of such sale and purchase should be maintained and made available for audit/inspection.
• FFMCs/non-bank ADs Category-II shall submit their annual audited balance sheet to the concerned Regional Office of the Reserve Bank along with a certificate from their statutory auditors regarding the NOF as on the date of the balance sheet, latest by October 31 of the year concerned.
The Modification has been made in the Master Circular
[Notification No. RBI/2024-25/39]
