AML Policy - Foreign Exchange

Encashment of Foreign Currency Notes and/or Travelers Cheques

Identification of the customer and his address is cumplosory for handling any transaction

For purchase of foreign exchange less than US $200 or its equivalent, photocopies of the identification document need not be kept on record.

However, full details of the identification document and contact details should be recorded in the encashment certificate.

For encashment of foreign exchange from US $200 onwards or its equivalent, valid photo identification with address is compulsory and the photocopies of the identification document should be maintained.

Currency Declaration Form

Where the amount of Forex tendered for encashment by a non-resident or a person returning from abroad exceeds usd 5000 or its equivalent in currency notes Currency Declaration Form (CDF),should invariably be insisted and a copy retained with for records.

Encashment Limits

Irrespective of the amount involved, the sale of Forex should be made only on personal application and identification.

For identification purpose, the passport of the customer should be insisted upon and a photocopy obtained for our records

Application on Form A2 (BTQ Form) should be obtained , duly signed by the customer.

Payment in excess of Rs. 50,000/- towards sale of foreign exchange should be received only by account payee cheque/demand draft.

All purchases by a person within one month may be treated as single transaction for the purpose.

Encashment Certificate, wherever required (In cases of Re-Conversion of Foreign Exchange), should also be insisted upon.

Establishment of Business Relationship

Relationship with a business entity like a company / firm should be established only after obtaining and verifying suitable documents in support of name, address and business activity such as Certificate of Incorporation under the Companies Act, 1956, MOA and AOA, Registration Certificate of a firm (if registered), Partnership deed, etc. A list of employees who would be authorized to transact on behalf of the company/firm and documents of their identification together with their signatures, should also be called for.

Copies of all documents called for verification should be kept on record.

Currency Rate
  EURO 77.89INR
  British Pound 88.25INR
  Australian Dollar 50.85 INR
  UAE Dirham 17.38INR
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