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2.2 License Categories

N 35/2018 STA
  1. 2.2.1There are three categories of license based on the scope of Exchange Business that the Licensed Person is permitted to carry out in accordance with Paragraph 1.2 of Chapter 1:
    1. a)Category A License:

      The Licensed Person, in possession of a ‘Category A’ license, is permitted to carry out only foreign currency exchange business in accordance with Paragraph 1.2.1 of Chapter 1;

    2. b)Category B License:

      The Licensed Person, in possession of a ‘Category B’ license, is permitted to carry out the following two activities only:

      • •Foreign currency exchange (Refer to Paragraph 1.2.1 of Chapter 1); and
      • •Remittance operations (Refer to Paragraph 1.2.2 of Chapter 1).
    3. c)Category C License:

      The Licensed Person, in possession of a ‘Category C’ License, is permitted to carry out the following three activities:

      • •Foreign currency exchange (Refer to Paragraph 1.2.1 of Chapter 1);
      • •Remittance operations (Refer to Paragraph 1.2.2 of Chapter 1); and
      • •Payment of Wages using WPS (Refer to Paragraph 1.2.3 of Chapter 1).
  2. 2.2.2The Licensed Person, in possession of either a “Category B” or “Category C” license, may choose to sell/offer special products or services in accordance with Paragraph 1.2.4 of Chapter 1.