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FFMC License is mandatory for all types of currency exchange business in India. This license is regulated by the RBI. Hence, it is important to know RBI Guidelines For FFMC License
Authorized Money Changers (AMC) are the entities duly authorized by the Reserve Bank under Section 10 of the Foreign Exchange Management Act, 1999[1].
AMC is a Full Fledged Money Changer (FFMC). There are three types of AMC which is Authorised Dealer Category -I Banks, Authorised Dealers Category – II and Full Fledged Money Changers (FFMCs). The main objective to add one more AMC is to widen the access to foreign exchange facilities to residents and tourists and ensure efficient customer service through competition.
Any person who wants to start a money exchange business shall hold a valid license issued by the Reserve Bank. Any person without holding a valid license carries a business will amount to heavy penalties.
Conditions to be fulfilled while applying for an FFMC license:
In the above case, the net owned funds is equal to Owned fund minus a number of investments in shares of its subsidiaries, companies in the same group, all (other) non-banking financial companies as also the book value of debentures, bonds, outstanding loans and advances made to and deposits with its subsidiaries and companies in the same group in excess of 10 percent of the Owned funds.
Wherein owned fund is equal to paid-up capital plus free reserve plus credit balance in P&L A/c minus accumulated a balance of loss.
The application shall be filed in the form for FFMC license under section 10(1) of FEMA, 1999.
On satisfaction of below criteria and application the full fledge money changer license in India can be issued:
The FFMC can have more than one business operation at different locations after obtaining approval for each branch.
Reserve Bank of India has permitted FFMC to enter into franchise agreement which may refer to an agency agreement to carry on Restricted Money Changing business i.e. conversion of foreign currency notes, coins or travelers’ cheques into Indian Rupees.
The condition for franchisee:
FFMC Consultant
No doubt you need to obtain a FFMC license if you want to conduct a currency exchange business in India. Enterslice being the top most FFMC consultant company can help you in obtaining FFMC license in few days.
How can Enterslice help you?
Enterslice being the top most legal advisors helps you to obtain FFMC license by:
FFMC License Fee:
For obtaining FFMC license in India, applicant has to file required documents with the prescribed fees with the help of consultants. Enterslice is the top leading company which provides financial services to its client. For more information on FFMC license fee, please fill the inquiry form and our expert will get in touch with you.
License renewal:
FFMC license is mandatory compliance to carry out money exchange business in India. This license needs to be renewed on the annual basis to carry out your business activities smoothly and without any legal disputes.
How can Enterslice help you in License renewal?
You can take the help of the top most legal advisors- the Enterslice advisors to file an application for RBI FFMC License renewal. They can help you in preparing the documents required for the renewal process along with liaisoning with the RBI and FEMA Department for the fast renewal of your license.
Enterslice will help to work as per the provisions of RBI Guidelines For FFMC License.
Read our article: All you need to know about Money Changing Activities
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