Audit of Money Changers - RBI Instructions
AS per the existing RBI instructions of RBI, all single branch Authorised Money Changers (AMCs) having a turnover of more than USD 100,000 or equivalent per month and all multiple branch AMCs should institute a system of monthly audit.
On a review based on representations received, it has been decided to allow AMCs having multiple branches to put in place a system of Concurrent Audit which will cover80 per cent of the transactions value-wise under a system of monthly audit and rest 20 per cent of the transactions value-wise under quarterly audit.
RBI AP (DIR Series) Circular No. 50, Dated: November 07 2012.