Requisites for Franchise application

• Any entity/firm applying for a franchise should have a space for business and a minimum Net Owned Funds of rupees 10 lakhs.
• Any entity/firm with a clientele base of specific sectors like the Hotels (having inbound guests), Curio/Handicraft shops, Tour Companies, Hospitals (having inbound patients) and alike, which attract foreign currency.

Basic Terms for Franchise application

• Franchisees can undertake only restricted money changing business.
• Franchisee can buy Foreign currencies from retail clients (Indian and Foreign Nationals) and surrender the same to the Franchisor.

• A franchisee can be any entity which has a place of business and a minimum Net Owned Funds of Rs. 10 lakh. Franchisees can undertake only restricted money changing business.
• Entities who have cases / proceedings initiated / pending against them by any law enforcing agencies are not eligible for appointment as franchisee.
• The AD Category – I banks / AD Category – II / FFMCs may appoint franchisees within a distance of 100 kms. From their controlling branches concerned.
• However, this distance criterion is exempted in case of a recognized group/ chain of hotels appointed as franchisees, provided the headquarters of the group/ chain of hotels falls within a distance of 100 kms. Of the controlling branch of the AD Category – I banks / AD Category – II / FFMCs (franchiser) concerned.
• Further, in case of areas declared as hilly areas (as defined by the respective State Governments/Union Territories) and the North-Eastern States, the distance restriction given in point (i) above is not applicable.