{"what_this_is":"The machine-readable twin of the BankPulse page for one RBI rulebook. Same points, same dates, same paragraph references as the page a person reads. RBI's own wording is not reproduced here: each point names the RBI paragraph, the character offset into the text BankPulse read and the sha256 of that text, so the claim can be checked against RBI's own document.","schema_version":1,"release_id":"d653cdb0a5","generated_at":"2026-09-15T00:33:59.117975+00:00","id":"md11518","title":"Master Direction - Money Changing Activities (Updated as on June 24, 2026)","document_kind":"Master Direction","page":"https://bankpulse.ai/rule/md11518","status":"In force","importance":{"code":"FYI","label":"FOR INFORMATION","weight":"For information","why":"General RBI update: no desk rule matched — read the source if it touches your work","layer":"bankpulse_inference"},"applies_to":{"shown":"All regulated entities","class_code":"ALL","from":"the document's own title","layer":"bankpulse_inference"},"dates":{"prid":"md11518","mode":"four_dates_v1","published":{"label":"Published","value":"Jan 04, 2016","stated":true,"why":"The day RBI put this document out."},"effective":{"label":"Starts to apply","value":"","stated":false,"why":"Not stated separately in this document. Read the rule itself before you assume a start date."},"transition":{"label":"Time to get ready","value":"","stated":false,"why":"Cannot be worked out until the day it starts to apply is known."},"deadline":{"label":"Last date to act","value":"","stated":false,"why":"No date to act by was found in this document. Other dates may sit inside single paragraphs."},"sources":{"published":"doc_date in data/highlights/md11518.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=11518","document_date":"Jan 04, 2016","read_by_bankpulse":"2026-08-21 16:28:14 UTC","text_sha256":"932ac4cee556644fd57e156a15d208d71399c00f57d857dd4316c237fc613fdc","word_count":10529,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":37,"points_naming_an_rbi_paragraph":37,"points_stored":37,"actions":0,"amendments":0},"points":[{"n":1,"claim":"md11518-e4316b1e","page_group":"Must know","stored_section":"WHO IT APPLIES TO","heading":"Licence required to trade forex","plain_english":"Anyone who buys or sells foreign currency without RBI's licence can be penalised by law.","rbi_paragraph":"Section I Para 1","rbi_char_offset":4955,"weight":"MUST 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currency by producing a valid encashment certificate.","rbi_paragraph":"Section V Para 3","rbi_char_offset":14217,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md11518#p11","layer":"bankpulse"},{"n":12,"claim":"md11518-97a2e40f","page_group":"Must know","stored_section":"THE CORE IDEA","heading":"Prepaid cards settle via AD-I","plain_english":"Money changers may issue forex prepaid cards, but settlement must go through an AD Category-I bank.","rbi_paragraph":"Section V Para 5","rbi_char_offset":16289,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md11518#p12","layer":"bankpulse"},{"n":13,"claim":"md11518-a5ac59bc","page_group":"Must know","stored_section":"LIMITS AND NUMBERS","heading":"Cash forex sale is capped","plain_english":"Foreign exchange for travel may be sold for cash only below Rs.50,000; above that it must be non-cash.","rbi_paragraph":"Section V Para 5","rbi_char_offset":17520,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":["foreign-exchange"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md11518#p13","layer":"bankpulse"},{"n":14,"claim":"md11518-1b8834f7","page_group":"Must know","stored_section":"LIMITS AND NUMBERS","heading":"Rs.10,000 reconversion without proof","plain_english":"Up to Rs.10,000 may be reconverted for a non-resident without an encashment certificate, if departing within seven days.","rbi_paragraph":"Section V Para 6","rbi_char_offset":19584,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md11518#p14","layer":"bankpulse"},{"n":15,"claim":"md11518-91f66788","page_group":"Must know","stored_section":"LIMITS AND NUMBERS","heading":"ATM reconversion up to 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notes out of the country by air.","rbi_paragraph":"Section V Para 24","rbi_char_offset":32631,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md11518#p26","layer":"bankpulse"},{"n":27,"claim":"md11518-00b96dc5","page_group":"Must know","stored_section":"LIMITS AND NUMBERS","heading":"Pakistan/Bangladesh cap is Rs.10,000","plain_english":"Citizens of Pakistan or Bangladesh may carry at most Rs.10,000 in Indian notes to the boarding point.","rbi_paragraph":"Section V Para 24","rbi_char_offset":32752,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md11518#p27","layer":"bankpulse"},{"n":28,"claim":"md11518-a56159d4","page_group":"Must know","stored_section":"WHO SHOULD ACT","heading":"Non-bank APs follow NBFC KYC","plain_english":"A money changer not regulated by RBI's own Department of Regulation must follow the NBFC KYC Directions instead.","rbi_paragraph":"Section VI","rbi_char_offset":33170,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md11518#p28","layer":"bankpulse"},{"n":29,"claim":"md11518-b2131db5","page_group":"Must know","stored_section":"WHO SHOULD ACT","heading":"Franchisees bound by same rules","plain_english":"An authorised person must make sure its own agents and franchisees also follow its KYC/AML/CFT directions.","rbi_paragraph":"Section VI","rbi_char_offset":33396,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md11518#p29","layer":"bankpulse"},{"n":30,"claim":"md11518-73af8884","page_group":"Must know","stored_section":"THE CORE IDEA","heading":"Election rupees banked same day","plain_english":"Cash an authorised person collects during elections must reach a bank branch that same day or the next.","rbi_paragraph":"Annex Para C","rbi_char_offset":35690,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md11518#p30","layer":"bankpulse"},{"n":31,"claim":"md11518-227ce208","page_group":"Must know","stored_section":"LIMITS AND NUMBERS","heading":"Election cash has a ceiling","plain_english":"During elections, cash movement is capped at Rs.10,00,000 in rupees or USD 1,00,000 in foreign currency.","rbi_paragraph":"Annex Para F","rbi_char_offset":35964,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md11518#p31","layer":"bankpulse"},{"n":1,"claim":"md11518-9d4495df","page_group":"Do it","stored_section":"WHO SHOULD ACT","heading":"Onsite check once a year","plain_english":"The franchiser must inspect each franchisee's own site at least once a year.","rbi_paragraph":"Section III Para 3","rbi_char_offset":7617,"weight":"DO IT","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md11518#p32","layer":"bankpulse"},{"n":2,"claim":"md11518-f772054c","page_group":"Do it","stored_section":"WHO SHOULD ACT","heading":"Due diligence checks are yearly","plain_english":"The franchiser's own background checks on a franchisee must be repeated at least once a year.","rbi_paragraph":"Section III Para 5","rbi_char_offset":9111,"weight":"DO IT","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md11518#p33","layer":"bankpulse"},{"n":3,"claim":"md11518-a1e6584d","page_group":"Do it","stored_section":"WHO SHOULD ACT","heading":"Spot audits every six months","plain_english":"The franchiser must run a surprise spot audit of every 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stay under the INR 50,000 limit.","rbi_paragraph":"Section V Para 18","rbi_char_offset":27908,"weight":"DO IT","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md11518#p36","layer":"bankpulse"},{"n":6,"claim":"md11518-e9e7205c","page_group":"Do it","stored_section":"WHO SHOULD ACT","heading":"Election cash needs paperwork","plain_english":"During elections, cash movement must be carried by an authorised person with documents proving it, on request.","rbi_paragraph":"Annex Para A","rbi_char_offset":34106,"weight":"DO IT","role":"Compliance","team":null,"products_covered":["foreign-exchange"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md11518#p37","layer":"bankpulse"}],"actions":[],"amendments":[],"layers":{"rbi_source":"Facts taken from RBI's own document.","bankpulse":"BankPulse's plain-English summary of RBI's document.","bankpulse_inference":"BankPulse's own 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