The Reserve Bank of India (RBI) has proposed to bring a new category of money changers, to be called foreign correspondents, who would conduct the business of changing money on behalf of Category-I and Category-II authorised dealers.
In a statement, RBI said, “To enhance the ease of doing business, it is proposed to introduce a new category of money changers who may conduct money-changing business through an agency model by becoming Foreign Correspondents of Category-I and Category-II Authorised Dealers.”
It further said, “Comments/feedback on the draft framework are invited from all stakeholders and may be forwarded through email by January 31, 2024 with the subject line “Feedback on draft licensing framework for Authorised Persons under FEMA.”
