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annual turnover value "annual turnover value", as the case may be, means- (a) for a licensee who carries on money-changing business, the average of its annual sales of foreign currencies for the preceding three financial years based on the annual audited accounts; (b) for a licensee who carries on remittance business, the average of its annual value of inward and outward remittance transactions certified by the auditor of the licensee for the preceding three financial years; (c) for a licensee under section 95 of the Act who carried on money-changing business under the repealed Act, the average of its annual sales of foreign currencies based on the annual audited accounts for the preceding three financial years or for the preceding number of financial years of the licence if the licensee has been licensed for less than three years; or (d) for a licensee under section 95 of the Act who carried on remittance business pursuant to section 10 of the Exchange Control Act 1953 [Act 17], the average of its annual value of inward and outward remittance transactions based on the annual audited accounts for the preceding three financial years or for the preceding number of financial years of the permission if such permission was granted for less than three years;
PU(A) 392/2011 - MONEY SERVICES BUSINESS (MINIMUM CAPITAL FUNDS) REGULATIONS 2011
2. Interpretation |