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FE Rules2014Franchise-Third Party Network of Exchange Companies

FRANCHISE-THIRD PARTY NETWORK OF EXCHANGE COMPANIES

EPD Circular Letter No. 10 of 2014                                                                                November 28, 2014

Franchise/Third Party Network of Exchange Companies

1.Attention of the exchange companies is invited to FE Circular No. 3 dated June 03, 2013 in terms of which instructions for establishment of new branches, franchises, payment booths and currency exchange booths of the exchange companies were issued.

2.It has been decided that requests of the exchange companies received under their respective Annual Network Expansion Plans for the calendar year 2015 for opening of new franchises or any third party network shall not be considered till further instructions.

3.In the mean time, exchange companies are advised to thoroughly review their existing franchise/third party network to ensure that they are not involved in any illegal activity or associated with any of the proscribed entities/individuals. Exchange companies are also advised to strengthen their monitoring mechanism for their franchise/third party network to ensure their meticulous compliance with the applicable rules and regulations.

4.Please bring the above to the notice of all your constituents. 

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