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In this globalized world, you’ll always need someone to exchange your foreign currency. Your need can take you to two places:
Generally, your answer would be the second one, but that’s now the reality. People tend to choose the first one because ;
Is it because of the difficult to obtain FFMC License? Or is it because of the complexity of the FFMC License process? If those are the cases, we have good news for you, for this article will help you in decoding the complexities of FFMC License in India?
An FFMC, or Full Fledged money changer is a company that conducts the following types of businesses after getting approval from the Reserve Bank of India:
In simple terms, an FFMC is a business unit that exchanges your foreign currencies into national ones as per the current market rate. The benefits of an FFMC for a country is:
One question that people often ask us because they have seen so many “shops” providing money-exchanging services is that can anyone become an FFMC. Well, to that our FFMC License consultant has only one thing to say, no and yes.
No, if you are:
And yes, if you are:
To acquire the full fledged money changer license, you require the following documents:
That’s all there is to getting FFMC License in India. If you’re still a bit confused, you can contact our FFMC consultants. We are more than happy to help you.
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Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.