Star Global Currency Exchange Private Limited, a group company of Wirecard AG, got an upgrade of its license issued by Reserve Bank of India to Authorised Dealer in Foreign Exchange (Category II). The earlier licence was a Full Fledged Money Changers Licence with limited authority to deal only in buying and selling foreign currencies, traveller cheques and prepaid cards for travel related purposes.
Star Global’s new Authorized Dealer, Category II licence empowers the company to handle further types of remittances and release of foreign exchange. There are 17 additional activities permitted to AD Category II licence holders such as disbursement of crew wages; remittances for overseas education or under educational tie up arrangements with universities abroad; remittances for medical treatments abroad; and many more.
RV Bhat, Executive Director at Star Global Currency Exchange Private Limited says: “The upgrade of our license to Authorised Dealer Category II is a great honour for us and is evidence of the confidence of the Regulatory Authorities in our company. We are excited about the new business opportunities the new license offers us and look forward to continue our expansion."