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Money Changing Activities - As on Oct 21, 2021
Home List Manuals FEMA ManualFEMA - FAQMoney Changing Activities - As on Oct 21, 2021 This
 

FEMA - FAQ

Money Changing Activities - As on Oct 21, 2021

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  1. Who are Authorised Persons under Foreign Exchange Management Act, 1999 (“FEMA”)? What are the different categories of authorisation/licence granted under Section 10(1) of FEMA 1999?
  2. What is the objective behind allowing FFMCs to do business?
  3. Whether a licence is mandatory for carrying out money changing business?
  4. Who can apply for an FFMC licence?
  5. Where can one submit the application for an FFMC licence?
  6. How to calculate Net Owned Funds (NOF)?
  7. Is NOF required to be maintained on an ongoing basis?
  8. What is the time frame within which a newly licensed FFMC should commence operations?
  9. When should an application for licence renewal be made?
  10. Under what circumstances can Reserve Bank revoke an FFMC licence?
  11. What are the money changing facilities presently available in India?
  12. What is the objective of the Scheme for appointing Franchisees by AD Category Banks, ADs Category-II and FFMCs for undertaking restricted money changing activities?
  13. What are the salient features of Franchisee Agreement?
  14. What is the procedure for submission of application by AD Category – I bank/ AD Category - II/ FFMC to the Reserve Bank for appointment of franchisees?
  15. What are the checks to be ensured by AD Category-I banks/ADs Category-II/FFMCs while conducting due diligence of Franchisees before appointing them?
  16. What are the criteria for selection of centres?
  17. What are the guidelines on provision for training of franchisees?
  18. What are the guidelines in respect of Reporting, Audit and Inspection of franchisees?
  19. Does a franchisee need to adhere to KYC/AML/CFT Guidelines?
  20. Can Authorised Dealers Category-II issue forex pre-paid cards?
  21. Can forex pre-paid cards be used at Duty Free Shops located at International Airports in India?
  22. What is the position of Papua New Guinea Paper Banknotes?
  23. What is the position of old generation ‘1000 shillings (Ksh)’ banknotes in Kenya?
 
 
 

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