Master Direction – Money Changing Activities
This Master Direction outlines the guidelines for money changing activities in India.
Section I: Introduction and Definitions
This section provides an introduction to the Master Direction and defines key terms used in the document.
Guidelines for Issuance of FFMC Licence
The guidelines for issuing a Full Fledged Money Changer (FFMC) licence are outlined, including:
(i) Entry Norms: Minimum Net Owned Funds (NOF) requirements for different categories.
(ii) Documentation: List of documents required for licence application.
(iii) Basis for Approval: Criteria for approving licence applications.
Section II: Guidelines for Grant of Authorisation for Additional Branches
Guidelines for authorised dealers to obtain approval for additional branches, with a processing time of six months.
Section III: Guidelines for Appointment of Agents / Franchisees
Guidelines for authorised dealers and FFMCs to appoint agents and franchisees, including the roles and responsibilities of franchisees.
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Download: Master Direction – Money Changing Activities (Updated as on May 29, 2024)