In order to provide facilities for the encashment of foreign currency to visitors from abroad, the RBI has also granted license to certain established firms, hotels and other organizations, permitting them to deal in foreign currency note, coins and traveller's cheques. ... It is further divided into two categories viz., "Full fledged money changers", who are authorized to undertake both purchase and sale transactions with the public; and "Restricted Money Changers", who are authorized only to purchase foreign currency notes, coins and traveller's cheques but on a condition that thes...

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• Approx Pages: 40
• Grade Level: High School