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7. Money-changers

7. (a) The Reserve Bank may, on an application made to it in this behalf, authorise any person to deal in foreign currency.

(b) An authorisation under this section shall be in writing and -

may authorise dealings in all foreign currencies or may be restricted to authorising dealings in specified foreign currencies only;

may authorise transactions of all descriptions in foreign currencies or may be restricted to authorising specified transactions only;

may be granted with respect to a particular place where alone the money changer shall carry on his business;

may be granted to be effective for a specified period, or within specified amounts;

may be granted subject to such conditions as may be specified therein.

(c) Any authorisation granted under sub-section (1) may be revoked by the Reserve Bank at any time if the Reserve Bank is satisfied that -

it is in the public interest to do so; or the money-changer has not complied with the conditions subject to which the authorisation was granted or has contravened any of the provisions of this Act or of any rule, notification, direction or order made thereunder: Provided that no such authorisation shall be revoked on the ground specified in clause (ii) unless the money-changer has been given a reasonable opportunity for making a representation in the matter.

(d) The provisions of sub-sections (4) and (5) of section 6 shall, in so far as they are applicable, apply in relation to a moneychanger as they apply in relation to an authorised dealer.

Explanation - In this section, ';foreign currency'; means foreign currency in the form of notes, coins or traveller's cheques and ';dealing'; means purchasing foreign currency in the form of notes, coins or traveller's cheques or selling foreign currency in the form of notes or coins.