With the RBI-issued FFMC License, you can establish a currency exchange business anywhere in India. Get in touch with Registrationwala’s FFMC license consultants to initiate the process of becoming a full-fledged money changer in India.
We’ll help you collect all the required documents and ensure that you file an application with the RBI with accurate details, thereby increasing your chances of obtaining a money exchange license.
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FFMC License Process
A Full Fledged Money Changer (FFMC), also known as an Authorized Money Changer (AMC), is a company that carries out business activities pertaining to buying and selling foreign currency notes, coins and traveler’s cheques after prior approval from the Reserve Bank of India. These companies are sanctioned under the Foreign Money Exchange Act of 1999.
The RBI is the concerned government body for authorizing the business entities to deal with foreign exchange for specific purposes. The businesses receive the authorization in the form of an FFMC license.
There are three types of AMCs:
If you want to start a business where you can buy and sell foreign currency notes, coins, and traveler's cheques, you must become an RBI-authorized money changer.
A Full-Fledged Money Changer license in India offers a range of significant benefits, reinforcing its role in facilitating currency exchange and promoting trustworthy financial transactions. Here are the major benefits of FFMC license:
Before filing for the registration of a Full-Fledged Money Changer license at the RBI, the applicant must fulfil the following pre-conditions:
Required Documents for FFMC License Registration
The following documents must be submitted with the RBI FFMC application for the smooth registration process:
Obtaining a Full-Fledged Money Changer (FFMC) license in India requires a structured process. We simplify the entire process and assist you at every stage of the process. Here’s how we can help you in FFMC registration:
Avail the best consultation with our experts for FFMC licensing, eligibility, and compliance requirements.
Our team assist in preparing and verifying all necessary documents to ensure accuracy and compliance.
We manage the entire submission process, ensuring a smooth and hassle-free application.
Q1. What is the full form of an FFMC?
A. FFMC stands for Full-Fledged Money Changer.
Q2. Who grants FFMC license in India?
A. The Reserve Bank of India (RBI) grants the FFMC license to individuals who want to conduct foreign exchange transactions.
Q3. Can agents or franchisees be appointed by an FFMC?
A. Yes, they can be appointed by an FFMC to extend money-changing services.
Q4. How long does the FFMC license remain valid?
A. The FFMC Registration license remains valid for a period of one year from the date of issuance. The license needs to be renewed every year by the business to continue providing money-changing services.
Q5. What is the estimated time when a licensed FFMC must commence its business operations?
A. A newly FFMC licensed registered firm must commence its business operations within six months from the date of issuance of the license.
Q6. How to get your FFMC Registration license renewed in India?
A. The renewal application from an FFMC license holder must be made two months prior to the expiry of the license.
Q7. What is the FFMC license registration fee set by the RBI?
A. There is no application processing fee for the FFMC license registration under the RBI.
Q8. Which Act governs FFMC license cancellation?
A. Section 10(1) of the Foreign Exchange Management Act, 1999 governs the FFMC license cancellation. After the FFMC license cancelled, the entity must immediately cease all money-changing activities.
Q9. What is FFMC license fees?
A. FFMC license cost/fees depends on scale of operation (single or multiple branch), professional fee charged by an FFMC consultant, etc.
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