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of <h1>RBI Launches APConnect for Online Licensing and Renewals for Money Changers and Dealers under FEMA 1999.</h1> The Reserve Bank of India has introduced 'APConnect,' an online application for Full Fledged Money Changers (FFMCs) and non-bank Authorised Dealers (AD) Category-II. This platform facilitates the licensing, renewal, and authorization processes for FFMCs, non-bank AD Cat-II, and Indian Agents under the Money Transfer Service Scheme (MTSS). It also supports the registration of new branches, franchisees, and temporary facilities, among other functions. Existing FFMCs and non-bank AD Cat-II must register on APConnect within three months and process all subsequent requests and submissions through this platform. The circular is issued under the Foreign Exchange Management Act, 1999.
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