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RBI Guidelines

Understanding Reserve Bank of India regulations for forex services

Last Updated: January 1, 2024

About RBI Authorization

  • Nellore Forex Private Limited is authorized by RBI as a Full Fledged Money Changer (FFMC).
  • FFMC license number: FFMC/AP/2023/001
  • Authorized to deal in foreign exchange for permissible current account transactions.
  • Licensed to operate money changing business in Nellore and surrounding areas.
  • Regular compliance audits conducted by RBI authorized auditors.
  • All operations monitored and regulated by Reserve Bank of India.

KYC and AML Compliance

  • Mandatory Know Your Customer (KYC) verification for all customers.
  • Anti-Money Laundering (AML) procedures strictly followed.
  • Customer Due Diligence (CDD) conducted for all transactions.
  • Enhanced Due Diligence (EDD) for high-risk customers.
  • Real-time transaction monitoring for suspicious activities.
  • Regular training programs for staff on compliance requirements.

Transaction Limits

  • Individual customers: Up to USD 2,500 per transaction (cash).
  • Business entities: Higher limits based on business requirements.
  • Annual limit: USD 25,000 per individual (including cash and non-cash).
  • Additional limits for students and medical treatment abroad.
  • Special approvals required for amounts above prescribed limits.
  • All limits subject to RBI guidelines and market conditions.

Permissible Transactions

  • Purchase and sale of foreign currency notes and coins.
  • International money transfer services.
  • Travelers' cheques and prepaid cards.
  • Foreign currency demand drafts and mail transfers.
  • Currency exchange for education and medical expenses.
  • Remittance services for permissible purposes only.

Reporting Requirements

  • Cash Transaction Report (CTR) for transactions above ₹10 lakhs.
  • Suspicious Transaction Report (STR) for suspicious activities.
  • Foreign Account Tax Compliance Act (FATCA) reporting.
  • Common Reporting Standard (CRS) compliance.
  • Monthly returns submitted to RBI through authorized channels.
  • Real-time reporting for high-value transactions.

Customer Rights and Protections

  • Right to receive fair exchange rates as per RBI guidelines.
  • Protection against unfair trade practices.
  • Right to grievance redressal through RBI mechanisms.
  • Access to transaction records and statements.
  • Protection of personal information and privacy.
  • Right to complain to RBI if services are unsatisfactory.

Important Notice

All foreign exchange transactions must comply with RBI regulations. Customers are advised to verify all details before proceeding with transactions. For any clarifications regarding RBI guidelines, please contact our compliance officer.

Contact Information

For RBI compliance related queries:

Email: compliance@nelloreforex.com

Phone: +91 861 234 5678

RBI Helpline: 14440 (toll-free)

Address: 16-2-25, Trunk Road, Nellore, Andhra Pradesh 524001