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of <h1>RBI Revises Foreign Exchange Entity Categories: New Rules for ADs and FFMCs under FEMA 1999. Compliance and Audits Emphasized.</h1> The Reserve Bank of India (RBI) has revised the categorization of entities authorized to deal in foreign exchange under the Foreign Exchange Management Act, 1999. The new classifications are Authorised Dealers (ADs) Category I, II, and III, with Category II including upgraded Full-Fledged Money Changers (FFMCs), select Regional Rural Banks (RRBs), and Urban Co-operative Banks (UCBs). These entities can now handle non-trade related current account transactions. Eligibility for a Category II license requires strong financials and governance. The RBI emphasizes reporting, compliance with anti-money laundering norms, and may conduct audits as needed.
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