There are four types of money changing licenses each type having defined scope by Reserve bank of India. RRSB Forex is authorised dealer Cat II having wide role of releasing exchange for 17 purposes. RRSB Forex undertakes overseas remittances for various purposes and makes all products available to travellers.
Following are the categories of moneychangers and their scope:
- Authorised dealer Cat I -Banks (Commercial, state / urban cooperative banks) - All Capital & Current account FX transactions
- Authorised dealer Cat II - Upgraded moneychangers & cooperative banks - Current account FX transactions (17 types)
- Authorised dealer Cat III - Financial institutions for whom forex is incidental - FX sale only for internal. No money changing business
- Full fledged money changer (FFMC) - Moneychangers with single/multiple locations (Min capital 25 or 50 lacs) - FX sale only for tourism & business, no remittance.