Full Fledged Money Changer FFMC license
Under section 10 of (FEMA) Foreign Exchange Management Act 1999, Reserve Bank authorizes Authorised Money Changer (AMC) who can undertake the money changing business. Without possession of a valid money changer’s license issued by RBI, no person shall carry on money changing business. Full-fledged money changer (FFMC) is an authorized money changer authorized to purchased foreign exchange from non-residents visiting India & residents & to sell foreign exchange for private & business travel purposes only.

Entry Norms For Full Fledged Money Changer FFMC License | Money Exchange License in India
• Applicant has to be aCompany Registeredundercompany’s act 2013
• Minimum Net Owned funds required for consideration as FFMC

Documents required For Full Fledged Money Changer FFMC License | Money Exchange License in India
Application in the prescribed form should be submitted to the respective Regional Office of the Foreign Exchange Department of the Reserve Bank under whose jurisdiction the registered office of the applicant falls, along with the following documents:
a. Copy of the Certificate of Incorporation.
b. Memorandum and Articles of Association containing a provision for undertaking money changing business or an appropriate amendment to this effect filed with the Company Law Board.
c. Copy of the latest audited accounts with a certificate from the Statutory Auditors certifying the Net Owned Funds as on the date of application. Copies of the audited Balance Sheet and Profit & Loss Account of the company for the last three years, wherever applicable.
d. Confidential Report from the applicant’s banker in a sealed cover.
e. A declaration to the effect that no proceedings have been initiated by / are pending with the Directorate of Enforcement (DoE) / Directorate of Revenue Intelligence (DRI) or any other law enforcing authorities, against the applicant company or its directors and that no criminal cases are initiated/pending against the applicant company or its directors.
f. A declaration to the effect that proper policy framework on KYC / AML / CFT, in accordance with the guidelines issued by Reserve Bank of India, Department of Banking Regulation, Central Office as referred to in their ‘Master Direction – Know Your Customer (KYC) Direction, 2016’ and other instructions in this regard so far and from time to time in future, mutatis mutandis, applicable to APs, will be put in place on obtaining the approval of the Reserve Bank and before commencement of operations.>
g. Details of sister / associated concerns operating in the financial sector, like NBFCs, etc.
h. A certified copy of the board resolution for undertaking money changing business.

Benefits of Full Fledged Money Changer FFMC License | Money Exchange License in India
• FFMC gives the facility of bringing in and taking out of foreign exchange
• FFMC purchases foreign currency notes, coins and travelers’ cheques from residents as well as non-residents. And may sell Indian Rupees to foreign tourists/visitors against International Credit Cards / International Debit Cards and take prompt steps to obtain reimbursement through normal banking channels.
• FFMC may issue a certificate of encashment when asked for in cases of purchases of foreign currency notes, coins and travelers’ cheques from residents as well as non-residents
• FFMC offer sales facilities of the foreign exchange
• FFMC may put through transactions relating to foreign currency notes and travelers’ cheques at rates of exchange determined by market conditions and in alignment with the ongoing market rates.

RBI may revoke the license of FFMC on the following condition:
• If it is in public interest to do so.
• The FFMC has failed to comply with any condition subject to which the authorization is granted or has contravened any of the provisions of the Foreign Exchange Management Act, 1999 or any rule, regulation, notification, direction or order made thereunder. The Reserve Bank also reserves the right to revoke the authorization of any of the offices for infringement of any statutory or regulatory provision.
• The Reserve Bank may at any time vary or revoke any of the existing conditions of a money changer’s license or impose new conditions.