Guidelines for Authorised Money Changers (AMCs)
The Reserve Bank of India (RBI) has issued guidelines for licencing and other approvals for Authorised Money Changers (AMCs).
Key Points:
Franchisees of AD Category –I Banks / ADs Category – II / FFMCs located within 10 kms from the borders of Pakistan and Bangladesh can sell the currency of the bordering country with prior approval from the Regional offices concerned of the RBI.
Other franchises of AD Category –I Banks / ADs Category – II / FFMCs are not permitted to sell foreign currency.
The guidelines cover various aspects of money changing activities, including licensing, approvals, and operational requirements.
The Master Circular provides detailed instructions and guidelines for AMCs, including:
– Guidelines for issuance of FFMC licences
– Requirements for maintenance of accounts and records
– Restrictions on transactions and dealings
– Reporting requirements and compliance
The Circular also includes various annexures that provide additional information and guidelines on specific aspects of money changing activities.
Chat with the Master Circular:
Download: Master Circular on Memorandum of Instructions governing money changing activities