Scheme for Authorized Dealers Category I (AD) banks, Authorized Dealers Category-II and Full Fledged Money Changers Appointing Agents/Franchisees for Undertaking Restricted Money Changing

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..... NRIs, by enlarging the network of money changing facilities in the country. It is expected that the facility, given below, will enable Authorized Dealers Category-I (AD Cat-I) banks, Authorized Dealers Category-II (AD Cat-II) and full fledged money changers (FFMC) to provide such facilities at all tourist centers and major cities for extended hours and on holidays. Present Money Changing facili .....

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..... s' cheques into rupees. Franchisee A franchisee can be any entity who has a place of business and whose bonafides are acceptable to the AD Cat-I/ AD Cat-II/ FFMC. These franchisees would undertake only restricted money changing business. Agency/Franchise Agreement Franchisers are free to decide on the tenor of the arrangement as also the commission or fee through mutual agreement with .....

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..... ould need to apply to the respective Regional Office of Reserve Bank under whose jurisdiction their H.O. is situated, in the enclosed format for putting in place arrangements under this Scheme. The application should be accompanied by a declaration that while selecting the franchisees adequate due diligence has been carried out and that such entities have undertaken to comply with all the provis .....

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..... ADs Cat-II / FFMCs would be expected to put in place adequate arrangements for reporting of transactions by the franchisees to the franchisers (on a regular basis) in a simple format to be prescribed by them, say at monthly intervals. As mentioned above, a system of inspection of the books of franchisees should be put in place. The purpose of such inspection, which should be done at least once .....

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