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Complete Guide to RBI Full-Fledged Money Changer (FFMC) License

FEMA consultants can help you learn everything you need to know about obtaining an RBI Full-Fledged Money Changer (FFMC) license. Learn about the process, eligibility, and compliance requirements for starting a currency exchange business smoothly and legally.<br><br>For more info.: www.femaconsultant.com<br>Call us now: 011 47026276

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Complete Guide to RBI Full-Fledged Money Changer (FFMC) License

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  1. COMPLETE GUIDE TO RBI FULL-FLEDGED MONEY CHANGER (FFMC) LICENSE

  2. WHAT IS AN FFMC LICENSE? The FFMC license is issued by the Reserve Bank of India (RBI) to businesses that want to legally deal in foreign currency exchange. This license allows you to buy and sell foreign currency, travelers' cheques, and other similar services.

  3. WHO CAN APPLY? Only companies registered in India can apply for the FFMC license. The company must have a minimum net owned fund (NOF) of ₹25 lakh for a single branch or ₹50 lakh for multiple branches.

  4. WHY IS IT IMPORTANT? The FFMC license is crucial for businesses in travel, tourism, and forex services to provide legal and regulated foreign exchange services to their customers. Operating without this license can lead to legal penalties.

  5. HOW TO APPLY? • Submit the application in the prescribed form to the RBI. • Provide all required documents, including the company's financial records, incorporation details, and compliance certificates. • The RBI thoroughly reviews the application before granting the license.

  6. COMPLIANCE & REGULATIONS • After obtaining the license, FFMCs must follow strict RBI regulations, including: • Maintaining accurate records of all transactions. • Submitting regular reports to the RBI. • Ensuring anti-money laundering (AML) compliance.

  7. THANK YOU www.femaconsultant.com skyquestc@gmail.com 011 47026276

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