What changed
RBI amended the customer identification procedure for money changers under PMLA 2002. For foreign tourists, a passport copy now serves as both identity and address proof, replacing the earlier need for separate address documents. Additionally, a copy of the visa stamped by Indian immigration authorities must be obtained and retained.
What it means for you
This simplifies compliance for authorised persons handling foreign exchange with tourists, reducing documentation friction. Banks and money changers can now process transactions faster without compromising on AML/CFT standards, as passport and visa details provide sufficient verification.
What you must do
- Update your KYC/AML procedures to accept passport copy as both identity and address proof for foreign tourists.
- Ensure visa copies stamped by Indian immigration are obtained and stored for all non-resident customers.
- Train frontline staff on the revised documentation requirements to avoid non-compliance.
- Review and align internal circulars with the amended instructions from A.P. (DIR Series) Circular No. 60.
Who it affects
Authorised Persons (money changers) in foreign exchange, Banks handling foreign tourist transactions, Compliance and KYC teams at forex dealers
Can we now accept only a passport for foreign tourists without any other address proof?
Yes, for foreign tourists, a passport copy containing identification particulars and address is sufficient as documentary proof for both identity and address.
Do we still need to collect a visa copy for non-residents?
Yes, a copy of the visa of non-residents, duly stamped by Indian Immigration authorities, must be obtained and kept on record.
Does this circular change any other KYC requirements for residents?
No, all other instructions from the earlier circular (A.P. DIR Series Circular No. 17 dated November 27, 2009) remain unchanged for resident customers.