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September 2014

A. P. (DIR Series) Circular No. 14 dated 25th July, 2014

By Gaurang Gandhi Chartered Accountant
Reading Time 1 mins
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Issue of Prepaid Forex Cards – Due Diligence and Adherence to KYC norms

This circular states that banks/FFMC selling pre-paid foreign currency cards for travel purposes are required to follow the same rigorous standards of due diligence and KYC that they follow while selling foreign currency notes / travellers cheques to their customers.

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