Indel Money Gets RBI Nod To Engage In Foreign Exchange Business
Indel Money, the company under Indel Corporation and a non-banking finance company (NBFC) has received an authorised dealer (AD) Category-II license from the Reserve Bank of India (RBI) to start a foreign exchange business. The business will include products and services such as conversion of foreign currency bank notes, travel money cards and undertaking Outward remittances which fall under the ambit of license.
The objective of issuing such licenses to the RBI is to provide easier foreign exchange conversion facilities for travellers and tourists, including Non-Resident Indians (NRI). Authorised dealers enlarge the network of money-changing facilities in the country.
The authorisation of AD is given by RBI under Section 10 (1) of the Foreign Exchange Management Act (FEMA) to select entities as AD Category-II to carry out specified non-trade related current account transactions, all the activities permitted to the Full-Fledged Money Changers (FFMC) and any other activity as decided by the central bank.
On this development, Umesh Mohanan ED and CEO, Indel Money said, “It also offers us a golden opportunity to explore the foreign exchange services segment, which has been consistently recording remarkable growth, especially in the post-Covid era.”
The AD Category-II foreign exchange license is positioned higher than the ordinary money exchange license as it offers more features like facilitating outward (international) remittances towards non-trade current account transactions apart from transacting in multi-currency travel money cards and foreign currency banknotes.
