Saturday, July 15, 2006


The Reserve Bank of India has further tightened the anti-money laundering norms for all authorised entities dealing in foreign exchange. All such entities, including authorised dealers and Authorised Money Changers (AMC) will now have to maintain proof of identification for higher value transactions for one year or more, depending on the value of the transaction. In a circular issued recently, RBI in its amended instructions has mentioned that the photocopies of the identification
document of those who encash foreign exchange between $200 and $2,000 or its equivalent should be maintained for one year and until completion of statutory audit. For amount higher than $2,000 or
its equivalent, the photocopies of the identification documents should be maintained for a minimum of five years.


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