RBI Launches Online App for Issuance & Renewal of Licenses for Money Changers and Non-bank AD Category-II
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- Last Updated on 10 April, 2023
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Circular No. RBI/2023-24/13 A.P. (DIR Series) Circular No.01, dated 06.04.2023
The RBI has developed a software application, known as ‘APConnect’ for processing applications related to licencing of Full-Fledged Money Changers (FFMCs), non-bank Authorised Dealers (AD) Category-II, authorisation as Money Transfer Service Scheme (MTSS) Agent, renewal of existing licences/authorisations, and for seeking approval and submission of various statements/returns.
The ‘APConnect’ application broadly consists of the following facilities/functionalities:
(a) Registration and licensing of new companies as well as existing Authorised Persons (FFMC/non-bank AD Cat-II/NBFC eligible for AD Cat-II)
(b) Registration of new Branches
(c) Registration of temporary money changing facilities
(d) Registration of franchisees
(e) Authorisation as Indian Agents under MTSS
(f) Upgradation of FFMC to non-bank AD Cat-II
(g) Renewal of licences
(h) Opening of foreign currency accounts
(i) Opening of Nostro Accounts for eligible entities
(j) Voluntary surrender of licence
(k) Write-off of foreign currency notes
(l) Submission of returns/statements
In this regard, RBI has directed that existing FFMCs/non-bank AD Category-II must register themselves on the ‘APConnect’ application within a period of 3 months from the date of issue of this circular. The FFMCs and non-bank AD Cat-II must follow the instructions issued by the RBI.
Further, on receipt of confirmation from the Regional Office of the Reserve Bank regarding generation of licence through APConnect, the existing FFMCs/non-bank AD Cat-II must surrender their existing licence to the respective Regional Office of the Reserve Bank.
Also, RBI specifically mentioned that eligible entities, desirous of applying for fresh FFMC/non-bank AD Category II/MTSS Agent licence/authorisation must submit their application only through APConnect.
Click Here To Read The Full Circular
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