Consider the following statements:

1. To widen the access of foreign exchange facilities to the residents and tourists, while ensuring efficient customer service through competition, is the objective behind allowing the FFMCs (Full Fledged Money Changers) to do business.

2. Money changing business can be undertaken by entities authorized by the Reserve Bank of India, under the Foreign Exchange Management Act, 1999.

Which of the statements given above is/are correct?

To widen the access of foreign exchange facilities to the residents and tourists, while ensuring efficient customer service through competition, is the objective behind allowing the FFMCs (Full Fledged Money Changers) to do business.

Money changing business can be undertaken by entities authorized by the Reserve Bank of India (RBI) under Section 10 of the Foreign Exchange Management Act, 1999. No person shall carry on money changing business without the possession of a valid licence issued by the RBI. Any person found undertaking money changing business without a valid licence is liable to be penalised under the Act.