Money Changing Activities - As on Oct 21, 2021

Chapters / List

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?

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2. What is the objective behind allowing FFMCs to do business?

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3. Whether a licence is mandatory for carrying out money changing business?

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4. Who can apply for an FFMC licence?

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5. Where can one submit the application for an FFMC licence?

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6. How to calculate Net Owned Funds (NOF)?

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7. Is NOF required to be maintained on an ongoing basis?

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8. What is the time frame within which a newly licensed FFMC should commence operations?

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9. When should an application for licence renewal be made?

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10. Under what circumstances can Reserve Bank revoke an FFMC licence?

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11. What are the money changing facilities presently available in India?

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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?

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13. What are the salient features of Franchisee Agreement?

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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?

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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?

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16. What are the criteria for selection of centres?

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17. What are the guidelines on provision for training of franchisees?

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18. What are the guidelines in respect of Reporting, Audit and Inspection of franchisees?

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19. Does a franchisee need to adhere to KYC/AML/CFT Guidelines?

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20. Can Authorised Dealers Category-II issue forex pre-paid cards?

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21. Can forex pre-paid cards be used at Duty Free Shops located at International Airports in India?

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22. What is the position of Papua New Guinea Paper Banknotes?

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23. What is the position of old generation ‘1000 shillings (Ksh)’ banknotes in Kenya?

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