Full Fledged Money Changer (FFMC)
A Full Fledged Money Changer (FFMC) is an authorized entity who may purchase foreign exchange from non-residents and residents of India and sell the same for private and business travel purposes only to the people visiting abroad. As Section 10 of the Foreign Exchange Management Act, 1999 prescribes, authorized money changers are the only entities in the country that can deal in money changing activities and offer necessary foreign exchange services. For the purpose of removing the obstacles faced by foreign visitors and tourists, particular firms and hotels have also been offered the registration to deal in foreign currency notes, coins and traveller’s cheques under the directions issued by the RBI frequently.
No individual is permitted to carry on or advertise that they carry on money changing business unless they own a valid FFMC License from RBI. Any individual found undertaking any sort of money changing business without a valid license is liable to be penalised under the Act.
Types of FFMC License
The following are the types of license that are required by an entity to operate as a Full Fledged Money Changer (FFMC).
Process of Registration for Full Fledge Money Changer License
The application form for the FFMC license should be downloaded from the website of RBI. Alongside the essential supporting documents, the application form should be submitted towards the Foreign Exchange Department of the Reserve Bank of India at the regional center under the domain of which the registered office of the candidate falls.
The procedure of getting an FFMC License -
Our Recommendation: RBI Compliances For FFMC License
How Enterslice will help you in obtaining FFMC License from RBI?
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