Full-Fledged Money Changer is a company that carries out trading activities like forex currency after a prior approval from the Reserve bank of India. These companies are sanctioned under the Foreign Money Exchange Act, 1999. The Reserve Bank of India authorizes the Business entities to deal with foreign exchange for specific purposes. These business entities are referred to as Authorized Money Changers or AMCs.
From Forex trading to money changing, from dollars to rupees to any other currencies, becoming an authorised money changer can assist you a lot.
There are three types of AMCs :
The reasons for the three types of AMCs to exist are the following:
In order to work as an FFMC in India, the aspirant has to get an FFMC License that is issued by the Reserve Bank of India. If any company dares to engage with Forex trading without the appropriate license, then they are going to get penalized.
Following is the procedure to acquire the Full Fledged money changer license:
After inspection of the documents and the application, the RBI grants the FFMC License. With FFMC license at your side, you can even start an online money changing business if you wish for it.
Note: If you’ve received the notification that there is something wrong with your application, you have to take immediate action to rectify the issues. If you don’t, you’ll soon receive the notification that says “FFMC License cancelled”
Note 2: All though forex trading is the part of Full Fledged money exchange, don’t mistake this license with the Forex trading license, or the Forex broker license. To get the Forex trading license in India, you’ll need to adhere to the Forex Trading License requirements, which are beyond the scope of a simple FFMC.
Note 3: Over your research, you’ll encounter sources that claim to have money changer license for sale. Don’t fall into that trap. In fact, report it the moment any such entity or individual.
Like every other business license, the money changer license is not permanent. After a certain amount of time, you’ll need to apply for FFMC license renewal. The RBI FFMC License renewal procedure is pretty simple, and it doesn’t require much hassle.
For any assistance in this matter, you’d need the assistance of an FFMC license consultant. For FFMC License, RBI has created some special roadblocks to make the process difficult. Our consultants manually remove these roadblocks to provide you a way get a head start in money changer business.