Module: General Practice
Q67: To renew an existing FFMC or AD Category-II license, the application for renewal must be submitted to the Reserve Bank of India at least:
✅ Correct Answer: B
1. Timeline: An application for the renewal of a license must be made 2 months before the date of expiry of the license.
2. Consequence of Delay: If the application is not submitted within this window, the license may expire, and the entity would have to stop operations until a fresh license is granted.
3. Validity: Licenses are typically renewed for a period of 1 year (if recent/minor issues or new entity) or 3 years (standard track record). 4. Process: The renewal application must be accompanied by the Statutory Auditor's certificate regarding Net Owned Funds (NOF) and compliance status.
2. Consequence of Delay: If the application is not submitted within this window, the license may expire, and the entity would have to stop operations until a fresh license is granted.
3. Validity: Licenses are typically renewed for a period of 1 year (if recent/minor issues or new entity) or 3 years (standard track record). 4. Process: The renewal application must be accompanied by the Statutory Auditor's certificate regarding Net Owned Funds (NOF) and compliance status.