Issue of Prepaid Forex Cards- Due diligence and Adherence to KYC norms.

RBI has cleared that prepaid foreign currency cards are a form of foreign currency, similar to foreign currency notes or travelers cheque hence, authorized dealers/ FFMC’s selling pre-paid foreign currency cards for travel purposes are required to comply with the same rigorous standards of due diligence and KYC.

To read the full notification go to Issue of prepaid forex cards- Due Diligence.

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