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of <h1>Reserve Bank master direction sets comprehensive rules for authorising, licensing, operations, KYC/AML, audits, and currency movement during elections</h1> Reserve Bank master direction consolidates rules for authorising and regulating money-changing activities, defining authorised person categories, FFMC licensing criteria, minimum net owned funds, branch/temporary counter approvals, franchisee appointment and due-diligence, and KYC/AML/CFT obligations. It prescribes operational limits on purchase/sale, encashment certificates, currency display and accounting, foreign currency replenishment, reporting, concurrent and statutory audits, registers, and inspection powers. Procedures for licence renewal, revocation, 'fit and proper' criteria for directors, participation in currency derivatives for hedging, and a standard operating procedure for currency movement during elections are also set out, with periodic updates by the regulator.
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