RBI vide its Notification dated 6th April, 2023 to Full Fledged Money Changers, non-bank Authorized Dealers Category II.
The Notification States:
A software application called ‘APConnect’ has been developed for processing of application for licensing of FFMC, non-bank AD Cat-II, authorization as MTSS Agent, renewal of existing license/authorization, for seeking approval as per the extant instructions and for submission of various statements/returns by FFMCs and non-bank AD Cat II. The application can be accessed by the link given in the notification.
The APConnect application consists of the facilities/functionalities which are mentioned in the notifications.
Existing FFMCs/non-bank AD Category-II shall register themselves on the APConnect application within three months from the date of issue of this circular. Subsequent to registration on APConnect, requests for other facilities/approvals and submission of returns by the entities shall be done through the APConnect application.
Eligible entities, desirous of applying for fresh FFMC/ non-bank AD Category II / MTSS Agent license / authorization shall submit their application only through APConnect.
Link of the circular: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12485&Mode=0
About the Author
