Authorised Money Changers - restriction on Branches
APPLICATIONS from Authorised Money Changers (AMCs) for additional offices in metropolitan cities were considered if the total offices (including proposed offices) of the applicant are in the ratio 1:1 (i.e. the applicant has one non-metropolitan office for every office in a metro).
In order to provide more flexibility, to authorised persons to decide the location of their branches, it has been decided to dispense with the criteria of 1:1 ratio between metro and non-metro branches.
However, RBI expects branches to be diversified and to be meeting the demand of tourists, etc.
RBI Circular No. 41/2011, Dated: November 01, 2011