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of <h1>RBI Issues Master Circular on Money Changing: Licensing, KYC, AML Guidelines for Authorised Money Changers under FEMA 1999.</h1> The Master Circular consolidates guidelines for money changing activities under the Foreign Exchange Management Act, 1999, issued by the Reserve Bank. It covers licensing requirements for Authorised Money Changers (AMCs), criteria for additional branches, and appointment of agents/franchisees. It also includes operational instructions, KYC/AML/CFT guidelines, and conditions for license revocation. AMCs must maintain specific net owned funds, adhere to due diligence for franchisees, and ensure compliance with anti-money laundering regulations. The circular is updated periodically and serves as a reference for authorized persons in foreign exchange transactions.
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