Foreign Exchange Management Act (FEMA), 1999

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..... of the Full Fledged Money Changers (FFMCs) is invited to para 4 of AD(MA Series) Circular No.11 dated 16th May 2000 wherein it has been indicated that the directions contained therein shall be applicable, mutatis-mutandis to money changers and they shall continue to be governed by the provisions of FLM/RLM as amended from time to time. In terms of FEMA 1999, the current regulations stand modified .....

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..... agement Act, 1999 (42 of 1999) which provides that an authorised person shall before undertaking any transaction in foreign exchange on behalf of any person require that person to make such a declaration and to give such information as will reasonably satisfy him that the transaction will not involve and is not designed for the purpose of any contravention or evasion of the provisions of the Act o .....

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..... g the contents of this circular to the notice of their constituents. 5. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Any contravention or non-observance of these directions is subject to the penalties prescribed under the Act. Yours faithfully, B. MaheshwaranChief General Manager
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