Authorised Dealer Category II permission expands forex services: issue prepaid cards and open nostro accounts under strict compliance. Authorised Dealer Category II may issue forex pre-paid cards to residents travelling abroad subject to KYC/AML/CFT compliance, with settlement of such cards effected through Authorised Dealer Category I. They may also open one Nostro account per currency solely for settlement of permissible remittances, not for prepaid card settlement; no idle balances shall be maintained, and the accounts will be subject to reporting requirements.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Authorised Dealer Category II permission expands forex services: issue prepaid cards and open nostro accounts under strict compliance.
Authorised Dealer Category II may issue forex pre-paid cards to residents travelling abroad subject to KYC/AML/CFT compliance, with settlement of such cards effected through Authorised Dealer Category I. They may also open one Nostro account per currency solely for settlement of permissible remittances, not for prepaid card settlement; no idle balances shall be maintained, and the accounts will be subject to reporting requirements.
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