FFMC Licence – Full-Fledged Money Changer Licence
What is FFMC License ?
A Full-Fledged Money Changer (FFMC) Licence is an authorisation issued by the Reserve Bank of India (RBI) under Section 10(1) of the Foreign Exchange Management Act (FEMA), 1999. It permits an authorised entity to carry out specified foreign-exchange activities, including purchasing foreign currency from residents and non-residents visiting India and selling foreign exchange for permitted purposes. In simple terms, an FFMC Licence allows an eligible company to legally operate as a full-fledged money changer in India, subject to RBI regulations and compliance requirements.
What are the Benefits of FFMC License ?
Legal Authorisation to Conduct Money-Changing Business
An FFMC (Full-Fledged Money Changer) Licence authorises an eligible entity to undertake permitted money-changing activities under the Foreign Exchange Management Act (FEMA), 1999, subject to RBI regulations. This provides the legal framework required to operate as an authorised money changer in India.
Purchase Foreign Currency
An FFMC can purchase foreign currency from residents and non-residents visiting India, subject to applicable RBI requirements. This allows the business to provide currency-exchange services to customers who hold permitted foreign currencies.
Sell Foreign Exchange for Permitted Purposes
FFMCs are authorised to sell foreign exchange for specified purposes permitted under the applicable RBI framework. This can include foreign-exchange requirements connected with eligible travel and other permitted transactions.
Serve International Travellers
The FFMC framework helps expand access to foreign-exchange facilities for tourists, travellers and residents. RBI describes FFMCs as part of the authorised foreign-exchange system intended to widen access and support efficient customer service. g
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Who can apply for FFMC Licence License ?
Indian registered companies
Companies meeting RBI’s Net Owned Funds (NOF) requirements
Companies with suitable MOA & AOA
Companies meeting fit-and-proper criteria
Companies able to comply with FEMA, RBI, KYC & AML requirements
Travel Consultants and Intermediaries
Holiday & Tourism Service Providers
Businesses involved in travel booking and reservation services
Document Required for BOCW Registration
Role of Shamkris and Process of FFMC License
Shamkris adopts a results-oriented approach to compliance with mandatory licence requirements in the organization. A simple and guidance methodology help organisation to achieve licence in a timely manner and cost-effective. Shamkris support 100% in advisory, Guidance, Compliance with respect to license requirements to obtain approval.
The License process described below:
Advisory for the document required
Preparation of documents as per application & list of documents.
Application File
Inspection by the department if required
Liason department
Yearly Compliance if Applicable
Renewal when due
Who can issue the BOCW Registration ?
FAQ
FFMC stands for Full-Fledged Money Changer. It is an RBI authorisation for eligible entities to undertake permitted money-changing activities.
Eligible companies incorporated in India that meet RBI’s prescribed requirements can apply.
Generally, ₹25 lakh for a single-branch FFMC and ₹50 lakh for a multi-branch FFMC, subject to applicable RBI requirements.
The authorisation is issued by the Reserve Bank of India (RBI).
Yes. A person/entity cannot undertake money-changing business in India without the required RBI authorisation.
An FFMC can undertake permitted purchase and sale of foreign exchange, subject to FEMA and RBI regulations.
Yes, subject to RBI requirements and applicable approvals/permissions.
Yes. FFMCs may appoint franchisees for permitted restricted money-changing activities, subject to RBI conditions.
FFMCs must comply with applicable RBI, FEMA, KYC, AML/CFT, record-keeping and reporting requirements.
Shamkris can assist businesses with the FFMC licensing process, documentation, regulatory requirements and compliance support.