Master Direction - Money Changing Activities Flashcards
NOF requirement for FFMCs Single Branch and Multiple Branch
25 lakhs and 50 Lakhs
Citizens of Pakistan and Bangladesh exiting the country by air are allowed to carry up to a maximum of Rs…………………. up to the ……………. point in international airports, but not beyond
10,000, boarding
what is the NOF requirement for being a Franchisee of FFMC and what type business they can undertake
NOF – 10 Lakhs and business of Restricted Money Changing Business
Limit for Purchasing Foreign Currency by from Public
any limit can be purchased if they were eligible to bring that much forex and the same is being declared in CDF. Request for cash can be accepted as per the limit of upto USD 1000 to residents and upto USD 3000 to foreigners/NRI.
Sales against Reconversion of unspent Indian Currency is acceptable upto
Authorised Persons may convert into foreign currency, unspent Indian currency held by non-residents at the time of their departure from India, provided a valid Encashment Certificate is produced. If unable to produce encashment certificate upto 10,000 INR, and upto 50,000 INR if produce ATM Slips and had Passport, Visa and ticket of return within 7 days.
Write-off of foreign currency notes - In the event of foreign currency notes purchased being found fake/forged subsequently, FFMCs/ non-bank ADs Category II may write- off up to …………. per financial year after approval of their Top Management after exhausting all available options for recovery of the amount.
USD 2000, Any amount above that requires RBI permission.
Franchisee centres must be within …………… KMs from the controlling branch of the franchiser and this criterion is relaxed if the franchisee is……………
100, recognised group/ chain of hotels appointed as franchisees, provided the headquarters of the group/ chain of hotels falls within a distance of 100 kms or it is in areas declared as hilly and North Eastern States.
