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"Record of Currency Consumption"
FFMCs/non-bank ADs Category II may obtain their normal business requirements of foreign currency notes from other FFMCs and Authorised Dealers (ADs) in India, against payment in rupees made by way of account payee crossed cheque / demand draft/electronic funds transfer through banking channel. 5From July 1, 2024, value of foreign currency notes sold by FFMCs / non-bank ADs Category-II to the public for permitted purposes should not be less than 75% of the value of foreign currency notes purchased from other FFMCs/ ADs, on a quarterly basis. Data of such sale and purchase should be maintained and made available for audit / inspection. FFMCs/ADs selling foreign currency may also ascertain the ‘sale to public’ requirement of the buying FFMCs/non-bank ADs Category II, by seeking relevant data from such entities.
CA Rajeev Aggarwal
this amendment has changed the Forex Industry.
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