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of <h1>New Guidelines for Authorized Money Changers: Licensing, Compliance, and Reporting Under FEMA 1999 Now Consolidated in Master Circular.</h1> The Master Circular consolidates instructions for money changing activities under the Foreign Exchange Management Act, 1999. It provides guidelines for licensing, branch authorization, agent/franchisee appointments, and license renewals for Authorized Money Changers (AMCs). The circular outlines operational instructions, KYC/AML/CFT compliance, and conditions for revoking licenses. It specifies requirements for franchisee agreements, due diligence, and reporting obligations. AMCs must maintain minimum Net Owned Funds, submit regular statements to the Reserve Bank, and adhere to audit and inspection protocols. The circular is periodically updated and includes detailed annexures for various forms and reporting formats.
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