Money changers can give cash up to 3000 US Dollars – PAN CARD suitable for establishing relationship
As per the Anti-Money Laundering guidelines for Authorised Money Changers, requests for payment in cash by foreign visitors / non-resident Indians may be acceded to the extent of USD 2000 or its equivalent. This limit is now raised to USD 3000.
Further relationship with a business entity like a company / firm should be established only after obtaining and verifying suitable documents in support of the name, address and business activity, such as certificate of incorporation under the Companies Act 1956, Memorandum of Association, Articles of Association, registration certificate of a firm (if registered), partnership deed, etc. It has now been decided that in addition to the above mentioned documents, PAN Card may also be accepted as a suitable document for establishing the relationship with the company / firm.
A. P. (DIR Series) CIRCULAR NO. 14 /RBI., Dated: October 17, 2007