EbixCash World Money Limited has become Authorised Dealer Category-II entity in India to receive RBI approval on a perpetual basis to facilitate trade remittances.
EbixCash World Money Limited has become the first Authorised Dealer Category-II (AD-II) entity in India to receive approval from the Reserve Bank of India on a perpetual basis to facilitate trade remittances under the revised Foreign Exchange Management Act (FEMA) framework.
Under the revised framework, eligible AD-II entities can facilitate trade remittances of up to Rs 25 lakh and family maintenance remittances, expanding the role of regulated non-bank institutions in international trade payments.
According to the company, the revised framework enables authorised AD-II entities to undertake trade remittances by ensuring compliance with FEMA regulations, Know Your Customer (KYC) requirements and transaction validation norms.
The company said the approval expands the options available to MSMEs and SMEs for managing cross-border transactions through regulated non-bank payment service providers.
T.C. Guruprasad, Managing Director and CEO, EbixCash World Money Limited, said the approval reflects the company’s efforts in building governance, compliance and customer protection standards over nearly three decades. He added that the company’s vision aligns with the RBI’s Payment Vision 2028 and the G20 Roadmap for enhancing cross-border payments. He said EbixCash has a network of more than 100 branches across over 70 cities and a presence at more than 20 international airports.
Himanshu Pramanick, Chief Compliance Officer, EbixCash World Money Limited, said the approval reflects the regulator’s confidence in institutions that combine governance with innovation. He added that the company views the approval as a responsibility to contribute towards a secure, efficient and accessible cross-border payments ecosystem.
The company said it has invested in technology infrastructure and operational capabilities to support international payment workflows. It also stated that it has enabled real-time cross-border payments to the United Kingdom through the Faster Payments Service and across Europe through SEPA Instant.
According to the company, it operates through a phygital model that combines digital capabilities with a nationwide physical distribution network. It said it processes over 75 per cent of India’s cash-to-cash inward remittances and one of the largest outward remittance businesses under the Liberalised Remittance Scheme. The company added that it is supported by more than 25,000 customer touchpoints and relationships with more than 40 partner banks for foreign currency supply.
Send news announcements/press releases to:
editor@thefoundermedia.com
