RBI Licence
sunny jaggi
(Querist) 24 September 2010
This query is : Resolved
Dear Sir/Madam
We are a UK based company We are registered, authorised and regulated by Financial Services Authority in UK and also registered with her Majesty's department of customs and excise.
We run a money transfer business helping people transfer and remit money to various countries in the world.We would like to start inward remittances into India initially.
I will try to explain the system of money remittance that we follow.
A customer does a transaction in UK on our website and we debit their bank account. We then do all the KYC checks. In that process we carry out all other checks to identify the person as well as the source of the funds for Anti-Money Laundering purposes.We then take those funds to a trading floor and convert them to Rupees and this all happens on a trading floor in UK.
The Rupees will then be remitted to the Indian bank account of our company from our UK Rupee account
This is called a SWIFT payment.
Then the Indian company account will only used to further disperse the money into the recipients account. The Indian Bank account does not do anything more.
We do not have the agent system as we will not be handing out cash to any recipients.
We are conducting this business in various countries and have not required any licence to just remit money into a country. It is only when we start taking deposits that we then need to obtain a licence in those countries.
Can you please advice as to just to have an account which will only receive and then further disperse funds do we need a licence from the RBI? Can you also please advice as to what all licences we will need if any required. I am sorry to approach you directly as we have been getting very conflicting advices from various sources in India.
Can you also please be very kind as to what other licences do we need if we want to start remitting money out of India as well i.e. taking deposits in India.
I await your reply very eagerly as so far all the advice we have received has been very confusing.
We are getting so much conflicting information that we are confused on this matter.
Any law firms who have any experience in such matters may also contact us.
Please advice.
Thanks and Regards,
Sunny Jaggi
9417139797
DEFENSE ADVOCATE.-firmaction@g
(Expert) 24 September 2010
All financial trasections after a limit are controled by Govt and you can not solve your problems from public web site.
