Module: General Practice
Q69: Which of the following registers are mandatory for an FFMC to maintain at its branches?
I. Daily Summary and Balance Book (FLM-1)
II. Register of purchases of foreign currency from the public (FLM-2)
III. Register of sales of foreign currency to the public (FLM-3)
IV. Register of Travellers' Cheques surrendered to ADs/FFMCs (FLM-4)
II. Register of purchases of foreign currency from the public (FLM-2)
III. Register of sales of foreign currency to the public (FLM-3)
IV. Register of Travellers' Cheques surrendered to ADs/FFMCs (FLM-4)
✅ Correct Answer: D
To ensure a robust audit trail, the RBI prescribes specific formats (FLM series) for internal registers that must be updated daily: 1. FLM-1: Daily Summary of Cash/TCs (Opening balance, Purchases, Sales, Closing balance). 2. FLM-2: Purchase Register (Details of customer, currency, rate, source). 3. FLM-3: Sale Register (Details of traveler, passport, purpose, amount sold). 4. FLM-4: Register of TCs/Currency surrendered to other banks (showing how the FFMC offloads excess forex inventory to AD-I banks). Note: FLM-8 is typically the register for sales to other FFMCs.