Restricted FX dealers to get more room

udential comfort and adequate control mechanism.  A company with minimum capital of Rs 25 lakh for a single branch and Rs 50 lakh for multi-branch is eligible to apply for a licence of full-fledged money changers (FFMC) for consideration by the Reserve Bank.  Similarly, the criteria for upgradation of existing FFMC to restricted AD category may include net owned funds of Rs 10 crore, satisfactory functioning as FFMC for at least two years and credit report from their bankers, said the group.  Such transactions may not necessarily require opening and maintaining of foreign currency denominated (NOSTRO) account with a bank outside India. Restricted ADs, however, may be allowed enter into an arrangement with banks authorised to deal in foreign exchange in India, said the group.  These restricted ADs can deal in transactions involving foreign exchange for private visits, remittance by tour operators, hotels and business travel. It will also include fee for participation in global conferences and specialised training, remittance for participation in international events and film shooting, medical treatment abroad, disbursement of crew wages, overseas education, remittance under educational tie up arrangements with universities abroad, remittance towards fees for examinations held in India and abroad and additional score sheets for GRE, TOEFL among others.  These restricted authorised dealers have to submit a monthly statement of all transactions (category wise) where the amount exceeds a prescribed cut-off value, which is $5,000 per transaction initially, so that a review could be made of the threshold in six months, said RBI.