The Reserve Bank of India has unveiled tighter oversight for the money changing industry, grounding the sector in banking principles. RBI set a ₹10 crore annual turnover threshold for authorized dealers and shifted compliance responsibility toward principal authorized dealers. The move aims to strengthen accountability for customer protection and ensure better adherence to forex transaction rules.
The Reserve Bank of India has rolled out revised norms for foreign exchange dealings, stopping the issuance of fresh licenses for money changers. The update is designed to streamline authorization for authorized persons and broaden the principal-agent framework for providing forex services, reshaping how these operations are authorized and conducted across the market.
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