Knowledge Base

FEMA, 1999: the framework for foreign exchange in India 🔒 Members Authorised Persons: AD-I, AD-II, AD-III and FFMC 🔒 Members What is a Full-Fledged Money Changer (FFMC)? 🔒 Members AD Category-II: expanded activities & upgrading from FFMC 🔒 Members Official RBI references: where to find the latest 🔒 Members Visual guides: forex at a glance 🔒 Members

FFMC licence: eligibility & Net Owned Funds (NOF) 🔒 Members Applying for an FFMC licence (APConnect) 🔒 Members Additional branches & franchisee (agency) arrangements 🔒 Members Renewal of an FFMC licence 🔒 Members "Fit and proper" criteria for FFMC directors 🔒 Members Revocation, surrender & change in management 🔒 Members

Permitted activities & operational discipline 🔒 Members The 75% sale-to-purchase rule for currency notes (from 1 July 2024) 🔒 Members FLM registers & record-keeping 🔒 Members Foreign exchange for travellers (BTQ & private visits) 🔒 Members Carrying currency in and out of India: the limits 🔒 Members Surrender of unspent foreign exchange 🔒 Members Issuing encashment certificates 🔒 Members Detecting counterfeit currency 🔒 Members Currency inventory & vault discipline 🔒 Members Customer grievance redressal 🔒 Members Business continuity & cyber hygiene 🔒 Members

Liberalised Remittance Scheme (LRS): USD 250,000 per year 🔒 Members TCS on LRS & foreign remittances (FY 2025-26) 🔒 Members Other remittance facilities: education, medical, maintenance, emigration 🔒 Members Inward remittances: MTSS and Rupee Drawing Arrangement 🔒 Members

KYC / AML / CFT essentials for money changers 🔒 Members Returns & reporting under FEMA 🔒 Members Concurrent audit & RBI inspection 🔒 Members Compounding of FEMA contraventions 🔒 Members AML red flags for money changers 🔒 Members Filing CTRs and STRs with FIU-IND 🔒 Members Sanctions screening & PEPs 🔒 Members Beneficial ownership (UBO) 🔒 Members Customer risk categorisation (low/medium/high) 🔒 Members

Current vs capital account transactions 🔒 Members FEMA penalties (Section 13) and what they mean 🔒 Members Compounding a FEMA contravention 🔒 Members Resident, non-resident & "not permanently resident" 🔒 Members RFC, EEFC and other resident foreign-currency accounts 🔒 Members

LRS: the permitted purposes 🔒 Members LRS: prohibited transactions 🔒 Members Remittance for studies abroad 🔒 Members Remittance for medical treatment abroad 🔒 Members Maintenance of close relatives abroad 🔒 Members Gifts and donations under LRS 🔒 Members Investing abroad: ODI & OPI under LRS 🔒 Members LRS documentation & source of funds 🔒 Members

Study-abroad forex: a checklist 🔒 Members Education loans & TCS on student remittances 🔒 Members Country guide: USA, UK, Canada, Australia 🔒 Members

Travel forex entitlement (BTQ) & how much cash you can carry 🔒 Members Surrender of unspent foreign exchange (180 days) 🔒 Members Cash, forex card or bank transfer — what to use 🔒 Members Carrying Indian Rupees and declaring foreign currency 🔒 Members GST on foreign-exchange transactions 🔒 Members

Forex (prepaid travel) cards: the basics 🔒 Members Reloading, limits and unused balance 🔒 Members Forex-card disputes & chargebacks 🔒 Members