All
Authorized Dealers
in Foreign Exchange,
Dear
Sirs,
AUTHORISED
MONEY CHANGERS
Please
refer to the instructions contained in paragraph 6 -
Chapter II of the Foreign
Exchange Manual as amended from time to time on the captioned
subject. It has been decided to increase the Application
Processing Fee for grant of fresh licence and for renewal
of licenses from Rs. 50,000 and Rs. 10,000 to Rs. 300,000
and Rs. 50,000, respectively. Accordingly, an amendment
may please be made in the condition No.
(i) of the above paragraph.
2.
It has also been decided that license held by each Money
Changer for its various branches shall be renewed together
for the period from 1st July to 30th June for which application
should be submitted to the Foreign Exchange Department of
the concerned office in the second week of June each years.
Accordingly, the words 'within 7 days of' appearing in the
condition
No. (i) (inserted vide F.E.
Circular No. 6 of 1995) are replace with the worlds
"in the second week of June each year before the".
The renewal application for the period upto 30th June, 1999
may, however, be submitted by 31st July, 1998.
The application for renewal should be submitted by even
those Authorised Money Changers/ even in respect of those
branches whose licenses are valid beyond June, 1998. The
amount of fee payable for renewal of such licenses would
be calculated proportionately for the period upto 30th June,
1999 and paid accordingly. For instance, if a license is
valid upto 15th September, 1998, the amount of fee will
be calculated for the remaining 288 days of the fiscal year
1998-99
3. It would
not be necessary for the Authorised Money Changers applying
for renewal of license to submit an Authorised Dealer's
confidential report on the financial standing and credibility
of the applicant and its suitability. They will only furnish
income tax clearance or no demand or challan evidencing
payment of income tax. In case on Authorised Money Changer
already holding the license applies for license for additional
branch/branches, no additional document would be called
except evidence about premises.