The Chief Executives,

All Exchange Companies.

Dear Sir / Madam,

Amendment in Instructions Related to Business of Exchange Companies

1. Attention of Exchange Companies (ECs) is invited towards the instructions contained in Para 12, Chapter 7 of Regulatory Framework for Exchange Companies (RFEC).
2. In order to promote cashless economy and facilitate customers, it has been decided to add following instructions as sub-para (h) in the above-mentioned para of RFEC:

“h) After obtaining prior approval from Exchange Policy Department and completing Raast onboarding requirements, the Company may disburse home remittances in beneficiary’s accounts/wallets maintained with Banks/MFBs/EMIs digitally through Raast.”

3. ECs are advised to bring the above instructions in the knowledge of all concerned for compliance.