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December 2011

A.P. (DIR Series) Circular No. 41, dated 1-11-2011 — Memorandum of Instructions governing money changing activities.

By Gaurang Gandhi, Chartered Accountant
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Presently, applications from Authorised Money Changers for additional offices in metropolitan cities are considered only if the total offices in metropolitan and non-metropolitan cities (including proposed offices) of the applicant are in the ratio 1:1 i.e., the applicant has one non-metropolitan office for every office in a metro.

 This Circular has done away with the criteria of 1:1 ratio between metro and non-metro branches.

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