Reserve Bank liberalises money changing in India

INDIA - The central Indian bank, the Reserve Bank of India (RBI), has liberalised money changing facilities.

The objective was to provide easier conversion facilities for travellers and tourists by enlarging the network of money changing facilities in the country.

The bank said that resident entities need not obtain a licence from the apex bank to undertake money changing activities.

Authorised dealers (ADs) and fully-fledged money changers (FFMCs) could enter into agency/franchising agreements

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