RESERVE BANK OF INDIA
EXCHANGE CONTROL DEPARTMENT
CENTRAL OFFICE
MUMBAI-400 001

May12 , 1999

A.D. (M.A. Series) Circular No.15
A.M. (F.L. Series) Circular No.2

To

Dear Sirs,

It has been decided to amend the Memorandum FLM as indicated in the following paragraphs:

In terms of special condition v in paragraph 11 of the Memorandum, full-fledged money-changers were required to forward to Reserve Bank a copy of the letter submitted by the applicant giving particulars of name, address, etc. while applying for exchange under BTQ alongwith statement in form FLM 8. It has been decided to dispense with the requirement of forwarding such letters to Reserve Bank.

In order to get a true picture of foreign currency transactions handled by full-fledged money-changers for the purpose of compilation of Balance of Payments statistics it has been decided to amend the statement FLM 8. Accordingly, full-fledged money-changers may submit the statements FLM 8 for the month of June 1999 and onwards in the revised form.

3.      The following consequential amendments may be carried out in Memorandum FLM:

1. The special condition No.v in paragraph 11 may be deleted.
2. The existing statement FLM 8 may be replaced as per the enclosed Slip.

4.      The directions contained in this circular have been issued under Section 73(3) of Foreign Exchange Regulation Act, 1973 (46 of 1973) and any contravention or non-observance thereof is subject to the penalties prescribed under the Act.

Yours faithfully,
B. MAHESHWARAN
Chief General Manager