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Now there are three authorization categories: banks (AD Category I), NBFCs and full-fledged money changers or forex correspondents functioning for at least two years with an average annual forex turnover of ₹50 crore in the previous two financial years (Category II), and a fresh Category III for companies offering cool, innovative foreign exchange products or services.
To apply, you need to be set up under the Companies Act, 2013 and meet certain net worth requirements.
Overall, the RBI wants smoother operations, but also room for new ideas, so expect some interesting changes in how foreign exchange services work soon.