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Authorised dealers/ full-fledged money changers selling pre-paid foreign currency cards for travel purposes have to comply with the same rigorous standards of due diligence and Know-Your-Customer (KYC) norms as they would in case they were selling foreign currency notes/ travellers cheques to their customers, according to the Reserve Bank of India.
The RBI has issued the above mentioned directive as it has come across cases of some authorised dealers/ full-fledged money changers neither exercising due diligence nor adhering to KYC norms while selling prepaid foreign currency cards (issued by a few select banks) to their customers.
The RBI said prepaid foreign currency cards are a form of foreign currency, similar to foreign currency notes or travellers cheques.
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