About Money Changing business

A company or person which intends to carry out the functions of Forex currency or money changer activity after obtaining license from the Reserve Bank of India shall be regarded as fully fledged money changer. FFMCs are authorized to purchase foreign exchange from residents and non-residents visiting India and to sell foreign exchange for certain approved purposes.

What are the entry norms for Money changer?

Documents required for Money Changer license?

RBI Money changer Approval Process

The request for issuance of FFMC license would be considered by the Regional Office concerned of the Reserve Bank on the basis of the clearance by an Empowered Committee, set up for the purpose. Reserve Bank's decision in the matter of granting approval or otherwise will be final and binding.

What are the other registration required for Money Changer business?

On obtaining approval from the Reserve Bank, a copy of the registration under Shops & Establishment Act or any other documentary evidence such as rent receipt, copy of lease agreement, etc. should be submitted to the Regional Office concerned of the Reserve Bank before commencement of the business.

Does the license need to be renewed annually?

Money Exchanger license needs to be renewed every year by providing applicable documents to the Reserve Bank of India.

What are the conditions for carrying out concurrent transactions?

FFMCs should put in place a system of Concurrent Audit of the transactions undertaken by them.

Revocation of License by RBI

The Reserve Bank reserves the right to revoke the license granted to an AMC at any time if the Reserve Bank is satisfied that

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