PTI
The Reserve Bank on Tuesday proposed to introduce a new category of money changers who may conduct business through an agency model by becoming Forex Correspondents (FxCs) of Authorised Dealers.
Currently, the Reserve Bank issues licences to authorised dealers — banks authorised to deal in foreign exchange — and full-fledged money changers. Licences are also granted to financial and other institutions to carry out specific foreign exchange transactions related to their business.
The framework for licensing of Authorised Persons (APs) under FEMA, 1999 was last reviewed in March 2006.
