{"id":39520,"date":"2022-10-25T11:31:49","date_gmt":"2022-10-25T06:01:49","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=39520"},"modified":"2024-06-01T12:30:03","modified_gmt":"2024-06-01T07:00:03","slug":"full-fledged-money-changers-license","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/full-fledged-money-changers-license\/","title":{"rendered":"All you need to know about Full Fledged Money Changers License"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-39525 size-full\" title=\"Full Fledged Money Changers License\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/10\/All-you-need-to-know-about-Full-Fledged-Money-Changers-License-1.png\" alt=\"Full Fledged Money Changers License\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/10\/All-you-need-to-know-about-Full-Fledged-Money-Changers-License-1.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/10\/All-you-need-to-know-about-Full-Fledged-Money-Changers-License-1-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/10\/All-you-need-to-know-about-Full-Fledged-Money-Changers-License-1-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/10\/All-you-need-to-know-about-Full-Fledged-Money-Changers-License-1-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/10\/All-you-need-to-know-about-Full-Fledged-Money-Changers-License-1-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/10\/All-you-need-to-know-about-Full-Fledged-Money-Changers-License-1-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>Full-Fledged Money Changer is an authorized entity that may purchase foreign exchange from non-residents of India and sell the same for private and business travel purposes only to people visiting Abroad. A Full Fledged Money Changers License is a permit given by a competent authority to carry on foreign exchange activities in India and also to the branches, offices, and agencies outside India or controlled by a person resident in India. According to Section 10 (1) of the <\/span><span style=\"font-weight: 400;\">Foreign Exchange Money Act, 1999<\/span><span style=\"font-weight: 400;\">, any entity that is willing to engage in foreign exchange or foreign exchange securities must make an application to the <\/span><span style=\"font-weight: 400;\">Reserve Bank of India<\/span><span style=\"font-weight: 400;\"> to be certified as an Authorized Dealer.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<p style=\"text-align: justify;\"><b>Table Of Contents<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Introduction\"><span style=\"font-weight: 400;\">Introduction<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Full\"><span style=\"font-weight: 400;\">Full Fledged Money Changers License<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Types\"><span style=\"font-weight: 400;\">Types of FFMC license<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#to\"><span style=\"font-weight: 400;\">Eligibility to obtain FFMC license<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#for\"><span style=\"font-weight: 400;\">Documents Required for FFMC License<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#of\"><span style=\"font-weight: 400;\">Process of Obtaining FFMC License<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#by\"><span style=\"font-weight: 400;\">Post Approval Requirements by FFMCs<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#and\"><span style=\"font-weight: 400;\">Records and Registers by FFMC<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#FFMC\"><span style=\"font-weight: 400;\">Renewal of FFMC License<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Conclusion\"><span style=\"font-weight: 400;\">Conclusion<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Introduction\"><b>Introduction<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Authorized Money Changers\/ AMCs are entities that are authorized by the Reserve Bank of India as per Section 10 of the Foreign Exchange Management Act of 1999. Accordingly, an AMC may either be a Restricted Money Changer (RMC) or a Full-Fledged Money Changers License (FFMC). As defined by the Act, an Authorized Person essentially means an authorized dealer, money changer, off-shore banking unit, or any other individual for the time being authorized under sub-section (1) of Section 10 to involve in foreign securities or foreign exchange. A license is required by Full Fledged Money Changers License to purchase foreign exchange from residents and non-residents visiting India and to sell foreign exchange for specifically approved purposes.<\/span><\/p>\n<h2 id=\"Full\"><b>Full Fledged Money Changers License<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">FFMC is an authorized entity that may purchase foreign exchange from the NRIs providing them with Indian Currency and may sell the foreign additional exchange for travel purposes, whether private or <\/span><span style=\"font-weight: 400;\">business<\/span><span style=\"font-weight: 400;\"> but only to the people visiting from abroad. For this purpose, they need an approved license from RBI.<\/span><\/p>\n<h2 id=\"Types\"><b>Types of FFMC license<\/b><\/h2>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Authorized Dealer Category-I Banks (AD Category-I Banks)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Authorized Dealers Category-II (ADs Category\u2013II)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Full Fledged Money Changers (FFMCs)<\/span><\/li>\n<\/ul>\n<h2 id=\"to\"><b>Eligibility to obtain FFMC license<\/b><\/h2>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Entity that wishes to apply for a Full-Fledged Money Changer License must be registered under the Companies Act, 2013.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Entity must have a minimum net-owned fund of INR 25 Lakhs in order to apply for a single-branch license and INR 50 Lakhs for a multiple-branch license.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The object clause of the Memorandum of Association must mention the activity of money changing that is to be undertaken by the said entity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">There must not be civil or criminal cases pending against the Entity with the enforcement of the Department of Revenue Intelligence.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">After obtaining the FFMC License, the Entity must carry out its business activity within 6 months from the date of issuance of the Forex License and intimate the RBI, without failure.<\/span><\/li>\n<\/ul>\n<h2 id=\"for\"><b>Documents Required for FFMC License<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The following are the documents required for FFMC License:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A copy of the Certificate of Incorporation of the Entity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Memorandum and Articles of Association comprise of a provision for undertaking money-changing businesses or an appropriate amendment with the same effect.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A copy of the latest audited accounts of the Entity with a certificate from Statutory Auditors certifying the Net-Owned Funds as of the Date of Application for the License.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Several copies of the audited Balance Sheet and, Profit and Loss Account of the Entity for the immediate three years prior to the Date of Application for the License, wherever applicable.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A Confidential Report from the banker of the Applicant in a sealed manner.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Information concerning the sister or associated concerns operating in the financial sector such as <\/span><a href=\"https:\/\/www.cagmc.com\/how-to-get-nbfc-license-from-rbi-in-india\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">NBFCs<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A certified copy of the Board Resolution to undertake a money-changing business.<\/span><\/li>\n<\/ul>\n<h2 id=\"of\"><b>Process of Obtaining FFMC License<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The process of obtaining an FFMC License is concerned with the Reserve Bank of India. A complete and detailed application for the FFMC License is submitted to the concerned regional office of the Reserve Bank of India. The Director of the applicant Entity would be reviewed under the \u201cfit and proper\u201d criteria by the RBI. If everything is in line with the satisfaction of the RBI, then the Full-Fledged Money Changer (FFMC) License would be issued within a period of 2 to 3 months. Clearance by the Empowered Committee is a necessity and the Reserve Bank\u2019s decision on the subject of granting approval or not would be final and binding.<\/span><\/p>\n<h2 id=\"by\"><b>Post Approval Requirements by FFMC\u2019s<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The following are the post-approval requirements by FFMC:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A copy of the registration under the Shops and Establishment Act or any other documentary evidence such as a rent receipt or a copy of the lease agreement must be submitted to the Regional Office directed by the Reserve Bank before the commencement of any business activity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New Full Fledged Money Changers (FFMC) must carry out their activities according to the instructions specified by the Reserve Bank often.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">FFMCs must, at each of its business places, display a copy of the money-changing license issued by the RBI.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">FFMCs must have a system of Concurrent <\/span><span style=\"font-weight: 400;\">Audits<\/span><span style=\"font-weight: 400;\"> of all the transactions undertaken by them.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It is essential that all FFMCs submit their annual audited balance sheets to the respective Regional Office of the RBI.<\/span><\/li>\n<\/ul>\n<h2 id=\"and\"><b>Records and Registers by FFMC<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The following are the Records and Registers by FFMC:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Daily Summary and Balance book of the foreign currency notes\/ coins in form FLM-1.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Daily Summary and Balance book of Traveller&#8217;s cheques in form FLM-2.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Register of purchases of foreign currencies from the public in Form FLM-3.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Register of purchases of the foreign currency notes\/ coins from authorized dealers and authorized money changers in Form FLM-4.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Register of sales of foreign currency notes\/ coins and foreign currency traveler&#8217;s cheques to the public in Form FLM-5.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Register of sales of the foreign currency notes\/ coins to authorized dealers\/ Full Fledged Money Changers\/ overseas banks in the Form FLM-6.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Register of traveler\u2019s cheques surrendered to the authorized dealers\/ authorized money changers\/ exported in the Form FLM-7.<\/span><\/li>\n<\/ul>\n<h2 id=\"FFMC\"><b>Renewal of FFMC License<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">An application for the renewal of a Full-Fledged Money Changer (FFMC) License must be made 1 month from the expiry date of the license. No request for the restoration of a money changer\u2019s license shall be accepted after the expiry of the FFMC license.<\/span><\/p>\n<h2 id=\"Conclusion\"><b>Conclusion<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A full-fledged Money changer license is a permit given by a competent authority to carry on foreign exchange activities in India and also to the branches, offices, and agencies outside India or controlled by a person resident in India. According to Section 10 (1) of the <a href=\"https:\/\/incometaxindia.gov.in\/pages\/acts\/foreign-exchange-management-act.aspx\" target=\"_blank\" rel=\"noopener\">Foreign Exchange Money Act, 1999<\/a> any entity that is willing to engage in foreign exchange or foreign exchange securities must make an application to the Reserve Bank of India to be certified as an Authorized Dealer.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Full-Fledged Money Changer is an authorized entity that may purchase foreign exchange from non-residents of India and sell the same [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":39525,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[76],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Full Fledged Money Changers License - Goyal Mangal &amp; 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