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.