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Full Fledge Money Changer (FFMC) License Consultant

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Foreign currency changing business & Forex money changing activity Requires FFMC License. Which can be obtain from Reserve Bank of India (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 License 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 (FEMA) Only Authorised FFMC can give services related to foreign exchange Conversion. Such power delegated to RBI for Issuance of License as per Section 10 of the FEMA. However, There is NO Restriction for Applying for FFMC License other than applicant must be a Company as per Companies Act and Capital of the company is more than 25 Lakhs.

Currently in India, Mostly Tourist Place Hotels, Tourist Place Business, Travel Agents, Foreign Exchange Converter Unit holds FMC License. there is potential growth in the money changing business (FFMC Business) as requirement of travelling and tourism increased by day to day.

Minimum Requirement and Conditions for FFMC License Registration Application

Document Required for FFMC License Application

FFMC License Allows Following Activity

What are the 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 FFMC Money Changing 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.

Does FFMC License required renewal on expiry of license period?

RBI Grants FFMC License for the period of ONE Year. FFMC License holder must file renewal application before One Month (30 Days) of expiry of existing license holding period granted by RBI. If any compliance are pending for existing license period then applicant must complete all compliance before filing FFMC Renewal application. RBI will not accept renewal application if any compliance are yet to be filed by applicant. NO Renewal application are allowed after expiry of existing license period. Thus, FFMC License required to be renewed on yearly basis.

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. RBI Deems fir that revocation is in public interest.

2. Fails to Submit any required Document or fails to furnish returns.

3. Violation of Provision of act, License Conditions, guidelines.

4. Any other matter where RBI in view that continuation of your license may harm foreign exchange business. 

1. Company Incorporation and MOA with FFMC Objects. (Min. Capital 25 Lakhs)

2. RBI-FFMC License

3. Professional Tax Registration

4. Shop Act License

5. GST (if Turnover is more than 40 Lakhs)

6. PF (if employees are more than 20)

FFMC License aaplicant company must have INR 25 Lacs net capital of company for single branch FFMC Registration. For multiple branch FFMC Registration minimum net capital requirement is INR 50 Lacs.