https://www.taxtmi.com/news?id=14262 The Reserve Bank permits AD Category I banks, AD Category II and FFMCs to appoint franchisees to undertake restricted money changing (purchase of foreign currency), subject to franchisees having a place of business and minimum Net Owned Funds, franchiser due diligence and specified franchisee agreement terms. Franchisers must ensure timely surrender of purchased foreign currency, maintain records, conduct periodic inspections and audits, obtain ongoing NOF confirmations, provide training, ensure monthly reporting from franchisees and enforce strict KYC/AML/CFT compliance. The Reserve Bank may vary or revoke licences for public interest or regulatory non compliance. en-us Tue, 31 Mar 2015 15:19:55 +0530 Tue, 31 Mar 2015 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=14262 The Reserve Bank permits AD Category I banks, AD Category II and FFMCs to appoint franchisees to undertake restricted money changing (purchase of foreign currency), subject to franchisees having a place of business and minimum Net Owned Funds, franchiser due diligence and specified franchisee agreement terms. Franchisers must ensure timely surrender of purchased foreign currency, maintain records, conduct periodic inspections and audits, obtain ongoing NOF confirmations, provide training, ensure monthly reporting from franchisees and enforce strict KYC/AML/CFT compliance. The Reserve Bank may vary or revoke licences for public interest or regulatory non compliance. News - Tue, 31 Mar 2015 15:19:55 +0530 https://www.taxtmi.com/news?id=14262