Section 14: Granting of licences to cash dealers

14. Granting of licences to cash dealers (1) Any body corporate desirous of carrying on business of cash dealer in Mauritius shall, before commencing that business, apply to the central bank for a foreign exchange dealer licence or money changer licence, as the case may be. (2) Any application under subsection (1) shall be made in such medium and in such form as the central bank may determine and shall be accompanied by— (a) such information or document as may be required for the purposes of determining the application; and (b) payment of such appropriate non-refundable processing fee as may be prescribed by regulations made by the central bank, with the approval of the Minister. (3) The central bank may request the applicant to furnish such additional information or document as it may determine to process the application. (4) The central bank shall, within 30 days of the receipt of the application, or the supply of any additional information or document requested under subsection (3), determine whether to grant or refuse the application and inform the applicant within 7 days of its decision. (5) Where the central bank determines to grant a licence under this section, it shall, on payment of such annual licence fee as may be prescribed by regulations made by the central bank, with the approval of the Minister, issue the licence on such terms and conditions as it may determine. [S. 14 amended by s. 2 (b) of Act 14 of 2005 w.e.f. 10 November 2004.] [Issue 7] B3 – 18 Revised Laws of Mauritius