Non Bank-AD Cat II (Upgraded FFMCs)

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Non Bank-AD Cat II (Upgraded FFMCs)

Information Matrix - Compromising of Information Related To Various Prudential NORMS Prescribed by Foreign Exchange Department For Different Regulated Entities

Non Bank-AD Cat II (Upgraded FFMCs)
Prudential norms for REs	Process and Format for submitting the application	Link to the instructions, if any
Existing Full-fledged Money Changers (FFMCs) As per A.P. (DIR Series) Circular No. 25 Authorised Persons- Categorisation dated March 06, 2006 Reserve Bank will consider granting AD-Category II licence to the existing, well functioning FFMCs, with strong financials, that demonstrate good governance while providing regulatory/ prudential comfort. The criteria for upgradation of existing FFMCs to AD-Category II include minimum net owned funds of Rs. 10 crores; satisfactory functioning as FFMC for at least two years and satisfactory credit report from their bankers.	With effect from April 06, 2023, eligible FFMCs desirous of upgradation to non-bank AD Cat-II are required to submit their application through a software application called ‘APConnect’.	(i) A.P. (DIR Series) Circular No. 25 Authorised Persons- Categorisation, dated March 06, 2006 - (ii) A.P. (DIR Series) Circular No.01 - APConnect - Online application for Full Fledged Money Changers and non-bank Authorised Dealers Category-II, dated April 06, 2023 -

Disclaimer - "Foreign Exchange Department, Reserve Bank of India issues several operational instructions/ guidelines to the Authorised Persons (APs) for undertaking various forex transactions as per the provisions of the Act/ Rules/ Regulations/ Notifications issued under FEMA 1999 and the same are stipulated in various Master Directions issued by the department from time to time. Accordingly, those instructions/ guidelines are not incorporated into the Information Matrix"