WHETHER LICENSE MANDATORY FOR AMCs: Yes. No person shall carry on or advertise that he carries on money changing business unless he is in possession of a valid money changer’s licence issued by the Reserve Bank. Any person found undertaking money changing business without a valid licence is liable to be penalised.
Resident Indians (Individuals, HUF, Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations and Companies) are eligible for this scheme. Joint deposits of two or more eligible depositors are also allowed under the scheme and the deposit in such case shall be credited to the joint deposit account opened in the name of such depositors. The existing rules regarding joint operation of bank deposit accounts including nominations will be applicable to these gold deposits
Summary notes on Chapter lll- Common Obligations of Listed Entities & Chapter IV- Obligations of listed entity which has listed its specified securities means ‘equity shares’ and ‘convertible securities’.
