Money changer licensing: Net Owned Funds, KYC/AML controls and RBI approval govern FFMC licences and franchisees. Consolidates RBI instructions for Authorised Money Changers including licensing and renewal criteria requiring company form, prescribed minimum Net Owned Funds, audited accounts, banker's confidential report, KYC/AML/CFT policies and absence of enforcement/criminal proceedings; selective issuance and RBI finality. Sets pre approval and documentation requirements for additional branches and airport counters. Authorises restricted franchisees subject to minimum NOF and franchiser due diligence, contract terms and reporting. Prescribes operational, reporting, audit, register and inspection obligations, permitted write offs, and ''fit and proper'' governance for directors.
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Money changer licensing: Net Owned Funds, KYC/AML controls and RBI approval govern FFMC licences and franchisees.
Consolidates RBI instructions for Authorised Money Changers including licensing and renewal criteria requiring company form, prescribed minimum Net Owned Funds, audited accounts, banker's confidential report, KYC/AML/CFT policies and absence of enforcement/criminal proceedings; selective issuance and RBI finality. Sets pre approval and documentation requirements for additional branches and airport counters. Authorises restricted franchisees subject to minimum NOF and franchiser due diligence, contract terms and reporting. Prescribes operational, reporting, audit, register and inspection obligations, permitted write offs, and ''fit and proper'' governance for directors.
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