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KYC/AML Norms Eased for Foreign Tourists at Money Changers

Current · Source: Reserve Bank of India · RBI/2011-12/313 · issued 22 Dec 2011 · ~1 min read
Quick answerRBI has relaxed KYC norms for money changers dealing with foreign tourists. Now, a passport copy alone suffices as both identity and address proof, plus a visa copy stamped by Indian immigration must be kept on record.
The rule, in the simplest words
How it plays out — a real example

Rohit, a money‑changer officer in Delhi, greets a French visitor, asks for the passport copy and the visa page stamped by immigration, files those two papers, and is able to complete the foreign‑exchange transaction in minutes, feeling confident that he has followed the RBI rule.

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

Who it affects

Authorised Persons (money changers) in foreign exchange, Banks handling foreign tourist transactions, Compliance and KYC teams at forex dealers

❓ Common questions

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.

📜 Read the original circular — full text as issued by RBI
RBI/2011-12/313 A.P. (DIR Series) Circular No. 60 December 22, 2011 To All Authorised Persons in Foreign Exchange Madam/Sir, Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards / Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 – Money changing activities Attention of Authorised Persons is invited to F-Part-II of the Annex to the A.P. (Dir Series) Circular No. 17 [A.P. (FL/RL Series) Circular No. 04] dated November 27, 2009. 2.         In view of the problems faced by the money changers while obtaining documents towards address proof from foreign tourists, it has been decided to amend certain instructions contained in the aforementioned Part.  The amended instructions are given in the Annex . 3.         All the other instructions contained in the A.P. (DIR Series) Circular No. 17 [A.P. (FL/RL Series) Circular No. 04] dated November 27, 2009 shall remain unchanged. 4.         Authorised Persons may bring the contents of this circular to the notice of their constituents concerned. 5.         The directions contained in this Circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and non-compliance with the guidelines would attract penal provisions of Section 11(3) of the Act ibid. Yours faithfully, Meena Hemchandra Chief General Manager-in-Charge Annex [Annex to A.P. (DIR Series) Circular No.60 dated December 22, 2011 Customer Identification Procedure Features to be verified and documents that may be obtained from customers Extant Guidelines
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2011-12/313 · issued 22 Dec 2011. The plain-English explanation above is BankPulse’s own independent summary.
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Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (Authorised Persons (money changers) in foreign exchange, Banks handling foreign tourist transactions, Compliance and KYC teams at forex dealers), your first concrete step on “KYC/AML Norms Eased for Foreign Tourists at Money Changers” is: “Update your KYC/AML procedures to accept passport copy as both identity and address proof for foreign tourists.” (RBI issued this 22 Dec 2011).

  1. Circular: RBI/2011-12/313 -- KYC/AML Norms Eased for Foreign Tourists at Money Changers
  2. Issued: 22 Dec 2011
  3. Action required: Update your KYC/AML procedures to accept passport copy as both identity and address proof for foreign tourists.
  4. Action required: Ensure visa copies stamped by Indian immigration are obtained and stored for all non-resident customers.
  5. Action required: Train frontline staff on the revised documentation requirements to avoid non-compliance.
  6. Action required: Review and align internal circulars with the amended instructions from A.P. (DIR Series) Circular No. 60.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6889&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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