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December 2012

A. P. (DIR Series) Circular No. 50 dated 7th November, 2012

By Gaurang Gandhi, Chartered Accountant

Reading Time 1 mins

Memorandum of Instructions governing Money Changing Activities

Presently, all single branch authorised money changers (AMC) having a turnover of more than $ 100,000 or equivalent per month and all multiple branch AMC are required to institute a system of monthly audit.

This circular has modified the above procedure in respect of multiple branch AMC. As a result, multiple branch AMC are required to put in place a system of Concurrent Audit, which will cover 80 % of the transactions value-wise under a system of monthly audit and rest 20 % of the transactions value-wise under quarterly audit.

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December 2012

A. P. (DIR Series) Circular No. 50 dated 7th November, 2012

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December 2012

A. P. (DIR Series) Circular No. 50 dated 7th November, 2012

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