Full Fledged Money Changer FFMC license | Money Exchange Licence in India

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For more info contact us at 8448 444 985
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. Connect @ 8448 444 985 to start online FFMC license procedure

Full Fledged Money Changer FFMC license

Under section 10 of (FEMA) Foreign Exchange Management Act 1999, Reserve Bank authorizes Authorised Money Changer (AMC) who can undertake the money changing business. Without possession of a valid money changer’s license issued by RBI, no person shall carry on money changing business.

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

Category

Minimum net owned fund

Single branch FFMC

25 lakh

Multiple branch FFMC

50 lakh

 

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 no proceedings have been initiated by / are pending with the Directorate of Enforcement (DoE) / Directorate of Revenue Intelligence (DRI) or any other law enforcing authorities, against the applicant company or its directors and that no criminal cases are initiated/pending against the applicant company or its directors.
  • 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.

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