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Full Fledged Money Changers license

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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 money changer’s license issued by the RBI. Any individual found undertaking any sort of money changing business without a valid license is liable to be penalised under the Act.

Activities of FFMCs

The following are the activities that are undertaken by Full Fledged Money Changer (FFMC).
○ Business Visits ○ Private Visits ○ Forex Pre-Paid Cards

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).

Eligibility to obtain FFMC License

The following are the eligibility criteria that are required in order to operate as a Full Fledged Money Changer (FFMC).

Documents Required for FFMC License

The following are the documents that are required for obtaining an FFMC License.

Process of Obtaining FFMC License

Note: The Entity will not be considered as eligible to obtain an FFMC License if ay case by any law-enforcing authorities is initiated or is pending against the Entity or any its Directors.

Post Approval Requirements by FFMCs

The following conditions are required to be upheld by the Full Fledged Money Changer (FFMC) after obtaining the license to be so.

Management acquisitions

Records and Registers by FFMC

A Full Fledged Money Changer (FFMC) must maintain the following registers and records with respect to their money changing activities.

Renewal of FFMC License

An application for the renewal of a Full Fledged Money Changer (FFMC) License must be made before 1 month from the expiry date of the license. No request for the restoration of a money changer’s license shall be accepted after the expiry of the FFMC license.