India - Apply for Money Transmitter Business License

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Procedure

1. Money transmitter businesses in India are typically regulated under the Payment and Settlement Systems Act, 2007.
2. Review the RBI guidelines and regulations to understand the requirements and compliance procedures.

Apply In-Person:

1. To Apply for Money Transmitter Business License, the applicant has to approach the Reserve Bank of India link
2. The applicant should establish a legal entity such as a company (private limited or public limited), partnership, or LLP (Limited Liability Partnership).
3. Ensure that your business has the required capital as per RBI guidelines.
4. Create a detailed business plan that outlines the operations, the technology platform the applicant uses, and how the plan is to comply with AML (Anti-Money Laundering) and KYC (Know Your Customer) requirements.
5. Set up a robust technology infrastructure and security measures to protect customer data and transactions.
6. Develop policies and procedures to ensure compliance with AML and KYC regulations. This includes verifying the identity of customers and reporting suspicious transactions.
7. An application form will be provided to the applicant by the concerned officer.
8. The applicant has to fill in all the necessary details in the application form. (Incomplete applications are not accepted)
9. Make sure that the applicant has attached all the necessary documents that are mentioned in the “Required Documents” section of this page.
10. The applicant has to attach the photocopies of the required documents along with the application form while submitting.
11. Submit all the documents with the completed form to the concerned officer.
12. The applicant has to pay the prescribed fee as requested by the authority.
13. After receiving the application, the concerned authority will check the submitted application and document set. If all are in place, the application will be accepted.
14. The RBI may conduct background checks on the promoters and key personnel of your company.
15. All applications are processed within a reasonable time, having regard to the particular circumstances of each application, including the completeness of information and documents submitted to the authority by the applicant.
16. The authority may seek additional information from an applicant if this is necessary to assess the application. The authority does not need to deal further with an application until the applicant has provided this additional information.
17. Once they receive approval, the applicant must adhere to all the conditions and reporting requirements specified by the RBI.
18. Be prepared for regular audits and reporting to ensure ongoing compliance with RBI regulations.
19. This entire process can be completed within 30 days or as per the timeline advised by the respective department authority.

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Required Documents

• Completed application form
• ID proof (Birth Certificate, national Identity card, etc)
• Address proof – (Driving license, passbook, utility bill, etc)
• Fee receipt
• Insurance document
• Incorporation document
• Business plan
• Net Worth Certificate
• Financial document
• Any other documents (If required)

Office Locations & Contacts

Reserve Bank of India
Central Office Building, 20th floor
Shahid Bhagat Singh Road
Mumbai 400001
Telephone: 22671400
Fax No. : 22613856
Contact link

Eligibility

To be eligible to apply for a money transmitter business license in India, the applicant must meet the following criteria:

• The applicant must be a company registered under the Companies Act of 2013.
• The applicant must have a minimum net-owned fund of INR 25 Lakhs for a single-branch license and INR 50 Lakhs for a multiple-branch license.
• The applicant must have a physical office in India.
• The applicant must have a business plan that outlines your financial projections and risk management strategies.

Fees

• The applicant has to pay the prescribed fee as per the authority’s request.

Validity

• A money transmitter business license is valid for a period of five years. After five years, the company must renew its license if it wishes to continue operating its business.

Documents to Use

Please attach documents that can be used by people. e.g. links

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• This entire process can be completed within 30 days or as per the timeline advised by the respective department authority.

Related Videos

Videos explaining the procedure or to fill the applications.
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Please remove the '&' inside the tags during implementation.
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sevenload, viddler, vimeo, youku, youtube
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e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Applicants must complete the application form before submitting it. Incomplete applications will not be accepted.
• Applicants must provide genuine information while applying for this procedure.

Required Information

• Name
• Nationality
• Age
• Postal address
• Date of Birth
• Gender
• Residential Address
• Residential No
• Mobile No
• Email Address
• Educational Qualifications
• Business plan
• Financial document
• Declaration
• Date
• Signature

Need for the Document

• A money transmitter business license in India is a legal document that allows a company to operate a money transmitter business in the country. The Reserve Bank of India (RBI), the central bank of India, is responsible for issuing and regulating money transmitter business licenses.

Information which might help

• A money transmitter business is defined as any business that provides services for the transfer of money or any monetary instrument from one person to another, including but not limited to remittances, foreign exchange, and prepaid cards.

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

link

Others

More information which might help people.