The Reserve Bank of India (RBI) on April 02, 2026, issued an update in the Master Direction - Money Changing Activities.
The following has been stated: -
•Under the Foreign Exchange Management Act, 1999, the Reserve Bank of India authorizes various entities as authorised persons to deal in foreign exchange, including Authorised Dealers (Categories I, II, III) and Full Fledged Money Changers (FFMCs), each permitted to undertake specific types of transactions.
•The objective is to enhance access to foreign exchange services, improve customer convenience, and promote competition.
•The Master Direction consolidates guidelines on the authorization, functioning, and conduct of such entities under Sections 10(4) and 11(1) of the Act.
•It also refers to underlying circulars and reporting requirements issued separately.
•The RBI may update these directions from time to time through A.P. (DIR Series) Circulars to reflect regulatory changes.
The detailed notification is given in the document below.
[Notification No.: RBI/FED/2015-16/17 FED Master Direction No.3/2015-16]
