Online licensing for money changers now required via APConnect, centralising applications and returns for FFMCs, AD Category II under FEMA. The circular mandates registration on the APConnect portal within three months and requires all applications for fresh licences, renewals, branch/franchise registration, MTSS agent authorisation, permitted foreign currency/nostro account openings, voluntary surrender, write-off of foreign currency notes, and submission of statutory returns to be made exclusively through APConnect; on licence generation via APConnect entities must surrender existing licences to the Reserve Bank Regional Office. Directions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999.
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Provisions expressly mentioned in the judgment/order text.
Online licensing for money changers now required via APConnect, centralising applications and returns for FFMCs, AD Category II under FEMA.
The circular mandates registration on the APConnect portal within three months and requires all applications for fresh licences, renewals, branch/franchise registration, MTSS agent authorisation, permitted foreign currency/nostro account openings, voluntary surrender, write-off of foreign currency notes, and submission of statutory returns to be made exclusively through APConnect; on licence generation via APConnect entities must surrender existing licences to the Reserve Bank Regional Office. Directions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999.
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