FULL FLEDGED MONEY CHANGER LICENSE:
MAKE MONEY DOING THE FOREIGN EXCHANGE BUSINESS:
Authorized Money Changers (AMCs) are entities, authorized by the Reserve Bank under Section 10 of the Foreign Exchange Management Act, 1999.
In addition to Authorized Dealer Category -I Banks (AD Category–I Banks) and Authorized Dealers Category – II (ADs Category–II), Full Fledged Money Changers (FFMCs) are authorized by the Reserve Bank to deal in foreign exchange for specified purposes, to widen the access of foreign exchange facilities to residents and tourists while ensuring efficient customer service through competition.
FFMCs are authorized to purchase foreign exchange from residents and non-residents visiting India and to sell foreign exchange for certain approved purposes. AD Category –I Banks / ADs Category – II / FFMCs may appoint franchisees to undertake purchase of foreign currency*.
No person shall carry on or advertise that he carries on money changing business unless he is in possession of a valid money changer’s license issued by the Reserve Bank. Any person found undertaking money changing business without a valid license is liable to be penalized under the Act ibid.
LEGAL REQUIREMENTS FOR FFMC LICENSE:
The applicant has to be a company registered under the Companies Act, 1956 (The Companies Act 2013).
- The minimum Net Owned Funds (NOF) required for consideration as FFMC are as follows:
- Requisites documents as per RBI Rules and Regulation
- Complying all requirements as per RBI Rules and Regulation for thereto.
OUR SUPPORT IN FFMC LICENSE:
FFMC LICENSE may be obtained in 30 to 40 approx working days from the time of submission of application with the required documents. Licesnewala.com can help obtain FFMC License across India
- Registration of Company as per RBI Guideline.
- We draft all documents required for FFMC License
- Filling the application behalf of our client.
- Applying the various license and registration required for thereto.
- We continuously follow-up with concerned department till issuing the License.
- Liasoning with Reserve Bank of India
- Compliance problem solving
- System evaluation
- We provide cost effective services.