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Full Fledge Money Changer (FFMC) License Consultant

To Carried Out Forex Money Changing Activity FFMC License Need to be Obtain from RBI.

We are India’s Best RBI FFMC License Consultancy Service Provider.

Start Money Changing activity by Registration of Company with RBI FFMC License.

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FFMC License Consultant

We are leading RBI Services Consultant including FFMC License Consultant in Ahmedabad, India. FFMC – Full Fledge Money Changer License Required to carried out activity of Foreign Currency Conversions. FFMC Approved License Holder Can Obtain Foreign Currency through Currency Notes/Coins/ATM Cards from Foreigner as well as from Indian Residents. Further they can sell Such Foreign Currency to person who has Business or Personal Travel Requirements.

As per Foreign Exchange Management Act Only Authorised FFMC Can give Services related to Foreign Exchange Conversion. Such Power Delegated to RBI to Issue License as per Section 10 of the FEMA. However There is No Restriction for Applying for FFMC License other than applicant must be Company as per Companies Act. Mostly Tourist Place Hotels, Tourist Place Business, Travel Agents, Foreign Exchange Converter Unit holds FMC License.

Minimum Requirement and Conditions for FFMC License Registration Application

  • Applicant must be company entity (Private or Public Limited)
  • Minimum net worth of company should be Rs.25 Lakhs
  • Director of company must have clean criminal records
  • Director must have not done any default in bank/ NBFC / FI others
  • No pending litigation under any revenue department
  • Company object clause must be inline with FFMC activity
  • After approval applicant must start FFMC activity within 180 days
  • FFMC Licence holder must file renew before expiry

Document Required for FFMC License Application

  • Certificate of Incorporation - Company CIN
  • MoA of Company
  • AoA of Company
  • Auditor Certificate of Net Worth
  • Chartered Accountant Certificate of Capital and Libility
  • Banker Confidential Report in Sealed Cover (as per RBI format)
  • Board Resolution for approval of FFMC License Application
  • Board Resolution for starting Money Changing activity

FFMC License Allows Following Activity

  • Full Fledge Money Changer can enter into franchise agreement with others for restricted money changing business limited to conversion of foreign exchange currency notes/ coins / traveller cheque in to Indian Rupees. (Example with Indian Hotel, Travel Company, Tourist Place Business)
  • FFMC/ Franchise can purchase foreign currency from NRI as well as from Indian resident through currency notes/ coins/ travellers cheque.
  • FFMC License holder can sell Indian INR to Foreigner/NRI/Resident visitor against approved credit card, debit card, or by instant receiving mode in Indian bank
  • Full Fledge Money Changer can sell foreign exchange for private visit, tourist visit, business visits, and for foreign prepaid currency cards.

Compliance to be followed after FFMC License Approval

Once FFMC License Grant by Reserve Bank of India, there are Certain Compliance to be followed by License holder Before starting Business and During the License Holding Period. Such Compliance are as

1.Copy of Business Commencement Details Required to submit in RBI with Necessary License and Registration

2.Certified Copy of Business Commencement ROC INC 20A Form.

3.Professional Tax Registration / Shop act License as applicable.

4.GST Registration Certificate (if Applicable)

5.Copy of Municipal Tax Bill / Rent Receipt / Lease agreement

6.FFMC Must Follow all Circular Notified by RBI on time to time basis.

7.On Each Place of Business FFMC Holder Should Keep Foreign Money Changer License Copy

8.FFMC Required to Submit Annual Financial Statement with Statutory Audit Report at RBI Regional Office

9.FFMC Must Deploy Con-current Audit System at Business place for all FFMC Transactions

10.Register and Records to be Maintain over and above other law requirement

11.Daily Register of Balance of Foreign Currency in form FLM-1

12.Daily Summary of Traveller Cheque’s in FLM-2

13.Register of:Purchase of foreign currencies  in Form FLM-3.

14.Register containing Purchase of foreign currency from the authorized dealers and the authorized money changers in Form FLM-4.

15.Book of Sale of foreign currency and foreign currency travelers cheque’s  in Form FLM-5.

16.Summary of Sale of foreign currency to the authorized dealers / Full Fledged Money Changers  banks in Form FLM-6.

16.Traveler cheque’s surrendered to the authorized dealers/person / authorized money changers / export in Form FLM-7.

  • Renewal of FFMC License : FFMC License Holder Must File Renewal Application before ONE month of Expiry of Existing License with RBI. NO Renewal Application are allowed after expiry of Existing License.

FAQs on FFMC License Registration and Compliance

NO, Only Company as per Companies Act 2013 can apply for RBI FFMC – Full Fledge Money Changer License.

Private Limited Company Registration will Cost around Rs. 25000 and FFMC License will Cost around Rs. 90000. Total Cost for FFMC Business Startup will be Rs. 115000 approx.

Yes, Full Fledge Money Changer can made Franchise Business and appoint agent for restricted activity of Foreign Currency Receiving from Indian and Non Resident. In addition there are hundreds of FFMC Holder have tied up International Hotel Chain, Tourist Place Shop etc. However Minimum Requirement for FFMC Franchise it must have Rs. 10 Lakhs Net Owned Fund, they need to enter into agreement with FFMC. in addition they required to maintain records as per RBI Guidelines.

FFMC License Valid for One Year, Required to Renew Each year by filing Application for renewal.

Yes, in following situation RBI Can Cancel FFMC License with or without prior Intimation for any opportunity of representation.

  1. 1.RBI Deems fir that revocation is in public interest.
  2. 2.Fails to Submit any required Document or fails to furnish returns.
  3. 3.Violation of Provision of act, License Conditions, guidelines.
  4. 4.any other matter where RBI in view that continuation of your license may harm foreign exchange business. 
  1. Company Incorporation
  2. RBI-FFMC License
  3. Professional Tax Registration
  4. Shop Act License
  5. GST (if Turnover is morethan 40 Lakhs)
  6. PF (if employees are morethan 20)