• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

RBI Comes Out With Draft To Simplify Licensing Norms For Money Changers

OMMCOM NEWS by OMMCOM NEWS
December 27, 2023
in Business
RBI

Mumbai: The Reserve Bank of India (RBI) has come out with a set of new draft norms aimed to simplify and rationalise the authorisation of money changers for facilitating foreign exchange-related services.

The review of the extant licensing framework aims to meet the emerging requirements of the rapidly growing Indian economy, achieve operational efficiency in the delivery of foreign exchange facilities to common persons, tourists, and businesses, while maintaining appropriate checks and balances, RBI said.

The framework for licensing of authorised persons (APs) under FEMA, 1999 was last reviewed in March 2006.

“Keeping in view the progressive liberalisation under FEMA, increasing integration of the Indian economy with the global economy, digitisation of payment systems and evolving institutional structure over the last two decades, it has been decided to rationalise and simplify the licensing framework for APs (authorised persons),” the RBI said.

The RBI has invited feedback on the draft framework from all stakeholders by January 31, 2024.

Reserve Bank has reviewed the extant authorisation framework under FEMA with an objective to further improve the ease with which foreign exchange transactions can be undertaken by users, and at the same time strengthen the regulatory oversight framework governing APs, according to the official statement released late on Tuesday.

The norms have proposed a new category of money changers who may conduct money changing business through an agency model by becoming forex correspondents of category-I and category-II authorised dealers. Such entities will not be required to seek authorisation from the RBI.

To reduce the regulatory burden and enhance the ease of doing business, the RBI has proposed to renew an existing authorisation as an AD category-II on a perpetual basis.

Authorised dealers category-II are those who can issue forex pre-paid cards to residents travelling on private/business visits abroad, subject to adherence to KYC/AML/CFT requirements. However, settlement in respect of forex pre-paid cards has to be effected through AD Category-I banks.

 (IANS)

Tags: RBI
ShareTweetSendSharePinShareSend
Previous Post

Mahesh Bhatt Calls Ranbir’s ‘Animal’ ‘Unprecedented, Unapologetic Cinematic Journey’

Next Post

Flight, Train Operations Hit As Dense Fog Blankets Delhi, AQI Remains ‘Severe’

Related Posts

Business

Indian Equity Indices End Slightly Lower Ahead Of RBI’s MPC Outcome

September 30, 2025
Business

Air India, Airbus Open Training Centre To Train 5,000 Pilots For India’s Aviation Growth

September 30, 2025
Business

India Set For 6.5 Pc Average Growth Over Next Decade: Morgan Stanley

September 30, 2025
Business

Sensex, Nifty Open In Green As Investors Look For Cues From RBI MPC Meet

September 30, 2025
GDP
Business

Asian Development Bank Forecasts India’s Growth At 6.5 Pc For 2025 And 2026

September 30, 2025
GDP Growth
Business

Crisil Expects India’s GDP Growth To Remain Steady At 6.5 Pc, Another Rate Cut This Fiscal

September 29, 2025
Next Post

Flight, Train Operations Hit As Dense Fog Blankets Delhi, AQI Remains 'Severe'

Israel Embassy Security Scare: Two Suspects Zeroed Down, Delhi’s Chabad House Fortified

crime

Kerala Man Found Guilty Of Murdering 11-Year-Old Daughter

Khimji
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.