RBI drafts Memo of Instructions on money changing activities

Mumbai, Sep 26 (UNI) The Reserve Bank of India has come out with a draft of the Memorandum of Instructions, governing money changing activities by Full Fledged Money Changers (FFMC) / Authorised Dealer (AD) Category II.

RBI, in a release here, said it had rationalised the existing instructions, pertaining to money changing activities in view of growth in money changing activities and issuance of several instructions, including AML Guidelines on money changing activities.

The Apex Bank had reviewed and consolidated the existing instructions, governing money changing activities, issued to AMCs and had brought under a consolidated form incorporating changes.

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