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of <h1>New Scheme Allows Banks and Money Changers to Appoint Agents for Limited Currency Exchange: Key Guidelines Explained</h1> The scheme aims to expand money-changing facilities for travelers and tourists, including NRIs, by allowing Authorized Dealers Category-I and II banks and Full Fledged Money Changers (FFMCs) to appoint agents or franchisees for restricted money changing. Franchisees, approved by the dealers, are limited to converting foreign currency into Indian rupees. Franchise agreements must include exchange rate display, collection surrender within seven days, transaction record maintenance, and annual inspections. Franchisers must apply to the Reserve Bank for initial approval and report subsequent agreements. Franchisees must comply with AML/KYC guidelines, and franchisers are responsible for training and regular reporting.
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