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).
Introduction
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 are not permitted to sell foreign currency.
Guidelines for issuance of FFMC Licence
The guidelines outline the categories and minimum net owned funds required for obtaining a FFMC licence.
Chat with the Master Circular:
Download: Master Circular on Memorandum of Instructions governing money changing activities