Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 50
May 26, 1992 

All Authorized Dealers
In Foreign Exchange,

Dear Sirs,


1. Attention of Authorized Dealers is invited to F.E. Circular No.142 dated the 6th October, 1991 on the above subject.

2. It has been decided to make the following revisions in the terms and conditions for grant of Authorized Money Changer’s Licenses in future:-

  1. Reduction in the application processing fee from Rs.50,000 to Rs.10,000.

  2. Reduction in the annual renewal fee from Rs. 10,000 to Rs.1000.

  3. Fixation of the monetary limit of the paid up capital/net worth of the applicant at Rs.250,000 irrespective of the fact whether the applicant is an individual/firm/company etc. and doing away with the condition of production of Wealth Statement submitted to the Income Tax authorities for proving the net worth.

  4. Reduction in the time limit for commencement of the business from 6 months to 3 months from the date of grant of license.

3. Consequently, the following amendments may be made in paragraph 6, Chapter II of Exchange Control Manual (6th Edition, 1987):-

  1. The figures of ‘Rs. 50,000’ and ‘Rs.10,000’ appearing in paragraph 6(I) may be amended to read as ‘Rs.10,000’ and ‘Rs.1000’ respectively.

  2. The existing paragraph 6 (ii) may be replaced with the following:-

      "The paid up capital/net worth of the applicant firm/company/partnership concern/individual should not be less than Rs.250,000 as per audited accounts of the firm/company/partnership or as per Bank’s confidential Report".

  1. The word 'six' appearing in Para 6 (xiii) (a) may be replaced by the word 'three'.

4. Other terms and conditions for grant of Authorized Money Changer’s Licenses will remain unchanged. The changes envisaged in Para 3 above become operative with immediate effect and will have no bearing on the Licenses granted/applications rejected prior to the date of issue of this circular.

5. A copy of Press Release issued in this regard is enclosed.

6. Please bring the above to the notice of your constituents.

Encl. As above [Press Release].


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