Full-fledged money changer (FFMC) is an authorized money changer authorized to purchased foreign exchange from non-residents visiting India & residents & to sell foreign exchange for private & business travel purposes only.
Entry Norms For Full Fledged Money Changer FFMC License | Money Exchange License in India
Minimum Net Owned funds required for consideration as FFMC
Minimum net owned fund
Single branch FFMC
Multiple branch FFMC
Note:- The Net Owned Funds of applicants, other than banks, should be calculated as per the following.
(a) Owned Funds:- (Paid-up Equity Capital + Free reserves + Credit balance in Profit & Loss A/c) minus (Accumulated balance of loss, Deferred revenue expenditure, and Other intangible assets)
(b) Net Owned Funds :- Owned funds minus the amount of investments in shares of its subsidiaries, companies in the same group, all (other) Non-Banking Financial Companies as also the book value of debentures, bonds, outstanding loans and advances made to and deposits with its subsidiaries and companies in the same group in excess of 10 per cent of the Owned funds.
Documents required For Full Fledged Money Changer FFMC License | Money Exchange License in India
Application in the prescribed form should be submitted to the respective Regional Office of the Foreign Exchange Department of the Reserve Bank under whose jurisdiction the registered office of the applicant falls, along with the following documents:
Copy of the Certificate of Incorporation.
Memorandum and Articles of Association containing a provision for undertaking money changing business or an appropriate amendment to this effect filed with the Company Law Board.
Copy of the latest audited accounts with a certificate from the Statutory Auditors certifying the Net Owned Funds as on the date of application. Copies of the audited Balance Sheet and Profit & Loss Account of the company for the last three years, wherever applicable.
Confidential Report from the applicant's banker in a sealed cover.
A declaration to the effect that proper policy framework on KYC / AML / CFT, in accordance with the guidelines issued by Reserve Bank of India, Department of Banking Regulation, Central Office as referred to in their ‘Master Direction – Know Your Customer (KYC) Direction, 2016’ and other instructions in this regard so far and from time to time in future, mutatis mutandis, applicable to APs, will be put in place on obtaining the approval of the Reserve Bank and before commencement of operations.>
Details of sister / associated concerns operating in the financial sector, like NBFCs, etc.
A certified copy of the board resolution for undertaking money changing business.
Benefits of Full Fledged Money Changer FFMC License | Money Exchange License in India
FFMC gives the facility of bringing in and taking out of foreign exchange
FFMC purchases foreign currency notes, coins and travelers' cheques from residents as well as non-residents. And may sell Indian Rupees to foreign tourists/visitors against International Credit Cards / International Debit Cards and take prompt steps to obtain reimbursement through normal banking channels.
FFMC may issue a certificate of encashment when asked for in cases of purchases of foreign currency notes, coins and travelers' cheques from residents as well as non-residents
FFMC offer sales facilities of the foreign exchange
FFMC may put through transactions relating to foreign currency notes and travelers' cheques at rates of exchange determined by market conditions and in alignment with the ongoing market rates.
RBI may revoke the license of FFMC on the following condition:
If it is in public interest to do so.
The FFMC has failed to comply with any condition subject to which the authorization is granted or has contravened any of the provisions of the Foreign Exchange Management Act, 1999 or any rule, regulation, notification, direction or order made thereunder. The Reserve Bank also reserves the right to revoke the authorization of any of the offices for infringement of any statutory or regulatory provision.
The Reserve Bank may at any time vary or revoke any of the existing conditions of a money changer's license or impose new conditions.
How to get Full Fledged Money Changer FFMC License?
Connect With Corpseed
Connect with the team corpseed to discuss specific requirements for your business at IVR: +91 7558 640 644 or firstname.lastname@example.org. It takes 20-25 minutes to discuss requirement.
Once you discuss the requirement, we will align a dedicated Account managers are here to help understand your business and provide best solutions and assist you with the entire process.
Real Time Update
Use our platform to track progress of application and many more. Always know what is going on with your application, what is in progress, and what is done.
Once job is completed, you will receive documents directly to your email ID and at your doorstep along with 30 days payback guarantee incase not satisfied with the services.
At Corpseed, we are committed to offer our services to the entrepreneurs and businesses as a very cost-effective proposition. We believe that a customer is always right and the focus of any business activity should be to serve the customer with utmost loyalty. All our services come with SLAs (Service Level Agreements) for on-time service delivery and money back guarantee to ensure high level of customer satisfaction.
At Corpseed, our valued customers are always kept in the loop as far as service delivery timeline is concerned and we inform our customers every time a milestone is achieved during each stage of service request processing. But we also believe that we may come across a customer who is not satisfied with our efforts. For that we have a very responsive Customer Care Department which work 24x7 to attend to and solve customer complaints. We also have a money back guarantee for those, who want their service charges to be refunded.
At Corpseed, We believe it is our responsibility to protect our customer information from unauthorized access. We have put systems and processes in place to make sure that the customer information is safe with us during its storage and transfer between in house and third party servers. We continuously test our systems and processes for security breach and vulnerabilities are identified and fixed at a regular basis.
If a customer is not satisfied with the service we provided and if he contacts our customer care helpline and files a formal complaint within 15 days of service delivery date, Corpseed would refund the entire or partial amount of Professional Fee charged for that particular service.
If a customer is having issues with our service delivery process, he has various alternatives available at his disposal to register his grievance with us. He can either email his complaint at email@example.com or he can call our 24x7 Customer Care Helpline. Also, any customer is always welcome to visit our office to lodge a complaint with the senior management.
A customer can buy our services directly from our online platform, for which he need to make online payment. Once he clicks on "Apply Now", a new window will open, a customer is required to submit the information in the respective fields and click "Make Payment". A unique ticket number will be auto generated, the customer need to quote this number as reference for any enquiry regarding his service request.
All the monetary transactions performed on Corpseed online platform are secured with SSL System Protocol. We encrypt the customer information such as credit card and bank account details, before these are transmitted anywhere. We adhere to PCI DSS for data security standards for payment processing.
There is a majority of people that travel abroad for variety of purposes whether it is for studies or business meetings or vacation and what else not. There is a significant portion of the same that Read More
I would like to thank for professionalism and efficiency. Your assistance and sound advice has allowed me to compute my tax bill in efficient and prompt manner.
Sun Line Communications Systems
What I liked most is the reporting method and the proper communication by CORPSEED team & delivery of services on time.
CEO and Principal Consultant at Advance Innovation Group
We are very pleased with the quality of service your company provides. We sincerely appreciate your work and the way you conduct business.
Founder and CEO at Skill Development Council of India
I have found CORPSEED to be quietly dedicated efficient, providing good value for services relating to company formation in Singapore!
CEO - ByKie
"I just experienced possibly the very best customer service provided by CORPSEED as they provided point to point details of their services."
AVP Services at Liqvid
"I heard about CORPSEED through a friend and I came to know that they are providing service of AYUSH and they assisted me for product and I am very about it."
"Thanks for the prompt response to my request, I really appreciate it. Moreover, your service charges on company formation are reasonable enough for new start-up company like us."
Samarpan Herbs Life
"We are very pleased with the service and professionalism provided by CORPSEED. In addition to registration, accounting and tax services you have assisted us with advice to better operate our Us business."
Founder - Mittre India
"Really happy with the services provided by CORPSEED as they not only deliver the product on time but also suggest other innovative services which will give add on to your business."