in Foreign Exchange/All Authorised Money Changers
OF CONDUCT FOR AUTHORISED MONEY CHANGERS IN FOREIGN EXCHANGE
is invited to the paragraph 4 of F.E. circular No. 17 dated
the 3rd July, 1999. Wherein the Authorized Money Changers
were directed that their activities would be restricted
to purchase and sale of foreign currency notes and coins
only. They shall not buy or sell travelers cheques.
2. It has come to our notice that contrary to above instructions
Authorised Money Changers are buying travelers cheques.
This has viewed very seriously and they are, therefore directed
to desist from this illegal activity failing which state
Bank would be constrained to cancel their licenses.
3. Further, in terms of F.E. Circular referred to above,
all Authorised Money Changers were advised to submit a weekly
statement of sales and purchases, for weeks ending on the
8th, 15th, 22nd and the last day of each month to the Area
Control Office of State Bank within 3 days in the proforma
attached therewith, it has been observed that the said instructions
are not being complied with despite repeated reminders.
They are finally directed to submit the statement in question
on regular basis. In case any Authorised Money Changer fails
to submit the said statement for 8 consecutive weeks, his
license will be liable to cancellation.