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of <h1>RBI rules for money changing and foreign-exchange sale: licensing, KYC/AML, audits, reporting, plus 75% quarterly retail-sale threshold</h1> The RBI Master Direction consolidates and updates the regulatory framework under FEMA for authorisation and conduct of money changing by Authorised Dealers and Full Fledged Money Changers (FFMCs), prescribing eligibility (including minimum net owned funds), application/renewal via APConnect, 'fit and proper' criteria, branch expansion approvals, and licence revocation grounds; this standardises licensing, governance and supervisory control of money changing. It also prescribes operational rules for purchase/sale/reconversion of foreign exchange, cash-payment limits, compulsory recordkeeping and periodic reporting, concurrent audit coverage, and KYC/AML/CFT compliance (including by franchisees), thereby regulating transaction execution, documentation, monitoring, and enforcement. It introduces a quarterly 'sale to public' threshold from 1 July 2024 (minimum 75% of specified purchases), constraining stock replenishment practices and ensuring retail distribution.
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