RBI/2011-12/372
A. P. (DIR Series) Circular No.71
January 30, 2012
To
All Authorised Persons in Foreign Exchange
Madam/ Sir,
Memorandum of Instructions governing money changing activities
Attention of Authorised Persons is invited to the introduction given under
Paragraph 2 and Paragraph 2 (iii) (i) of Part A of the Annex I to the Memorandum
of Instructions governing money changing activities, issued vide
A. P. (DIR
Series) Circular No. 57 [A.P. (FL/RL Series) Circular No. 04] dated March 9,
2009.
- In view of the recent measures adopted to provide more flexibility to the Authorised Persons in selecting the location for their branches, it has now been
decided to remove the criteria relating to increase in outreach and locational
advantage while considering the applications for issuance of fresh licenses for
Full Fledged Money Changers (FFMC).
- All the other instructions contained in the A.P.(DIR Series) Circular No.57
{A.P.(FL/RL Series ) Circular No.4} dated March 9, 2009 shall remain unchanged.
- Authorised Persons may bring the contents of this circular to the notice of
their constituents concerned.
- The directions contained in this circular have been issued under Sections
10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and
are without prejudice to permissions / approvals, if any, required under any
other law.
Yours faithfully,
(Meena Hemchandra)
Chief General Manager-in-Charge