Thursday , July 9, 2026 |   05:07:36 IST
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI
About Us Contact Us Newsletters
 
NEWS FLASH
 
TP - Comparable cannot be included merely because objection on export turnover fails, and TPO must independently examine functional similarity: HC (See Breaking News) I-T - Penalty proceedings distinct from assessment proceedings & cannot be sustained based only on additions or disallowances; mens rea is a necessary ingredient for imposing penalty, ergo penalty not tenable where Assessee was acting in bona fide: ITAT (See Breaking News) INTL - Explanation 2 to section 37 bars deduction of CSR expenditure as a business expense, it does not prohibit deduction under Chapter VI-A if statutory conditions are met : ITAT (See Breaking News) I-T - Final assessment order is not tenable if passed beyond permissible period of limitation prescribed u/s 144C(13) r/w/s 153: ITAT (See Breaking News) TP - Rule 10D permits reliance on price publications and market quotations: ITAT (See Breaking News) I-T - Provisions of Sections 144C & 153 are interlinked, by virtue of which final assessment order must be computed by reading both provisions together: ITAT (See Breaking News) DTAA - Use of sophisticated infrastructure by service provider for rendering services cannot per se be equated with granting customer the right to use industrial, commercial or scientific equipment: ITAT (See Breaking News) INTL - Provisions of section 144C & section 153 are mutually inclusive & not mutually exclusive; limitation for passing final assessment order is to be computed by reading both provisions together: ITAT (See Breaking News) INTL - ITO in charge of domestic ward within India lacks territorial jurisdiction to assess a non-resident; jurisdiction lies with ITO in charge of International Taxation: ITAT (See Breaking News) I-T - Reimbursement received on account of secondment is taxable as FTS/FIS u/s 9(1)(vii) of Income Tax Act and Article 12 of the India -USA DTAA: HC (See Breaking News) I-T - Order of assessment/ reassessment u/s 153(2) is required to be made within 12 months from end of financial year in which notice u/s 148 was served: HC (See Breaking News)
 
TII SEARCH
 
 
   
Home >>
 

Instructions on Money Changing Activities
By TII News Service
May 27, 2024 , New Delhi

    
Untitled Document

A.P. (DIR Series)

CIRCULAR NO

08/RBI, Dated: May 27, 2024

To

All Authorised Persons in Foreign Exchange

Instructions on Money Changing Activities

Attention is invited to FED Master Direction No.3 /2015-16 dated January 01, 2016 (updated from time to time) on Money Changing Activities.

2. In terms of extant instructions, Full Fledged Money Changers (FFMCs)/non-bank Authorised Dealers (ADs) Category-II may obtain their normal business requirements of foreign currency notes from other FFMCs and Authorised Dealers (ADs) in India. Further, they are also required to keep balances in foreign currencies at reasonable levels to avoid build-up of idle balances.

3. In this regard, it has been decided that from July 1, 2024, 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. Data of such sale and purchase should be maintained and made available for audit / inspection. FFMCs/ADs selling foreign currency may also ascertain the 'sale to public’ requirement of the buying FFMCs/non-bank ADs Category II, by seeking relevant data from such entities.

4. Further, it has also been decided that 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.

5. 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 are without prejudice to permissions/approvals, if any, required under any other law.

6. The aforesaid FED Master Direction No.3 is being updated to reflect these changes.

[RBI/2024-25/39]

(N Senthil Kumar)
General Manager

 
 
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI TII
  • DTAA
  • Circulars (I-T Act, 1922)
  • Limited Treaties
  • Other Treaties
  • TIEAs
  • Notifications
  • Circulars
  • Relevant Sections of I-T Rules,1962
  • Instructions
  • Administrative Orders
  • DRP Panel
  • I-T Act, 1961
  • MLI
  • Relevant Portion of I-T Act,1922
  • GAAR
  • MAP
  • OECD Conventions
  • Draft Guidelines
  • DTC Bill
  • Committee Reports
  • FATCA
  • Intl-Taxation
  • Finance Acts
  • Manual on EoI
  • UN Model Taxation
  • Miscellaneous
  • Cost Inflation Index
  • Union Budget
  • Information Security Guidelines
  • APA Annual Report
  • APA Rules
  • Miscellaneous
  • Relevant Sections of Act
  • Instructions
  • Circulars
  • Notifications
  • Draft Notifications
  • Forms
  • TP Rules
  • APA FAQ
  • UN Manual on TP
  • Safe Harbour Rules
  • US Transfer Pricing
  • FEMA Act
  • Exchange Manual
  • Fema Notifications
  • Master Circulars
  • Press Notes
  • Rules
  • FDI Circulars
  • RBI Circulars
  • Reports
  • FDI Approved
  • RBI Other Notifications
  • FIPB Review
  • FEO Act
  • INTELLECTUAL PROPERTY
  • CBR Act
  • NBFC Report
  • Black Money Act
  • PMLA Instruction
  • PMLA Bill
  • FM Budget Speeches
  • Multimodal Transportation
  • Vienna Convention
  • EXIM Bank LoC
  • Manufacturing Policy
  • FTDR Act, 1992
  • White Paper on Black Money
  • Posting Policy
  • PMLA Cases
  • Transfer of Property
  • MCA Circular
  • Limitation Act
  • Type of Visa
  • SSAs
  • EPFO
  • Acts
  • FAQs
  • Rules
  • Guidelines
  • Tourist Visa
  • Notifications
  • Arbitration
  • Model Text
  • Agreements
  • Relevant Portion of I-T Act
  • I-T Rules, 1962
  • Circulars
  • MISC
  • Notification
  • About Us
  • Contact Us
  •  
     
    A Taxindiaonline Website. Copyright © 2010-2025 | Privacy Policy | Taxindiainternational.com Pvt. Ltd. OPC All rights reserved.