The Reserve Bank of India has today placed on its website for public comments the Draft of the Memorandum of Instructions governing money changing activities by Full Fledged Money Changers (FFMC) / Authorised Dealer (AD) Category II. Comments may be sent either by post to the Chief General Manager-in-Charge, Reserve Bank of India, Foreign Exchange Department, Forex Markets Division, 5th floor, Amar Building, Central Office, Fort, Mumbai - 400 001 or sent by Fax at no. 022- 22610580 or may be emailed on or before October 03, 2008.

In view of the steady growth in money changing business and upgrading of some of the FFMCs to AD Category II and several instructions including Anti Money Laundering guidelines on money changing activities having been issued from time to time, there was a need to rationalise and consolidate the existing instructions. A draft Memorandum has, therefore, been compiled along with certain proposed changes in the existing instructions.

Alpana Killawala
Chief GeneralManager