FFMC licensing: removal of outreach and locational advantage criteria allows broader branch location flexibility under FEMA directions. The circular removes the requirement to demonstrate increased outreach and locational advantage when assessing applications for fresh Full Fledged Money Changer (FFMC) licences, granting Authorised Persons greater flexibility in selecting branch locations, while all other instructions in the earlier Circular No.57 remain unchanged and the direction is issued under the Foreign Exchange Management Act.
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FFMC licensing: removal of outreach and locational advantage criteria allows broader branch location flexibility under FEMA directions.
The circular removes the requirement to demonstrate increased outreach and locational advantage when assessing applications for fresh Full Fledged Money Changer (FFMC) licences, granting Authorised Persons greater flexibility in selecting branch locations, while all other instructions in the earlier Circular No.57 remain unchanged and the direction is issued under the Foreign Exchange Management Act.
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