The Hindu Business Line : Norms for money changers eased

Authorised Money Changers (AMC) need not maintain photocopies of identification documents of persons purchasing foreign exchange less than US$ 200 or its equivalent, the Reserve Bank of India (RBI) said in a notification issued on Monday. Earlier AMCs were required to maintain identification proof of customers purchasing any amount of foreign exchange.

AMCs had expressed difficulties in implementing the guidelines.As per the amended instructions, for purchase of foreign exchange of $200-$2000 photocopies of identification proof should be maintained for one year and for encashment of US $2000 or above, the proof of identification should be maintained for a minimum of five years.

RBI also permitted AMCs to pay cash to foreign visitors or NRIs up to the extent of $2000 or its equivalent, as against the previous limit of $1000.

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