RBI’s Circular on APConnect: Online Application for Money Changers & Non-Bank Dealers Category-II

On 06th April 2023, the Reserve Bank of India (RBI) issued a Circular in regard to the APConnect – Online Application for Full Fledged Money Changers and Non-Bank Authorised Dealers Category II.

RBI addressed the Full Fledged Money Changers (FFMCs) and Non-Bank Authorised Dealers (AD) Category-II inviting their comments to –

• A.P. (DIR Series) Circular No. 25 issued on 06th March 2006, which contains instructions for AD – Category II License/Reporting,
• Master Direction on Money Changing Activities issued on 01st January 2016, (updated from time to time) which contains the guidelines on issuance and renewal of FFMC license and on money changing activities, and
• Master Direction on Money Transfer Service Scheme (MTSS) issued on 22nd February 2017, (updated from time to time) which contains guidelines for Indian Agents under MTSS.