Mumbai, Jul 28 (KNN)  Foreign exchange dealers and money changers issuing you pre-paid debt cards in forex for your overseas travel will be required to do a strict Know Your Customer check, as per an RBI directive. 

In a communication, the RBI said, "It has been brought to our notice that some authorised dealers / full-fledged money changers may neither be exercising due diligence nor adhering to KYC norms while selling prepaid foreign currency cards (issued by a few select banks) to their customers.”

The RBI said prepaid foreign currency cards are a form of foreign currency, similar to foreign currency notes or travellers cheques.

As such, the authorised dealers/FFMCs selling pre-paid foreign currency cards for travel purposes are required to comply with the same rigorous standards of due diligence and KYC as they would in case they were selling foreign currency notes/ travellers cheques to their customers, it added. (KNN/SD)