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Full-Fledged Money Changer is a company that carries out trading activities like forex currency after prior approval from the Reserve Bank of India (RBI). These companies are sanctioned under the Foreign Money Exchange Act of 1999. The RBI authorizes business entities to deal with foreign exchange for specific purposes. These business entities are referred to as Authorized Money Changers or AMCs.
(1) Full Fledged Money Changer is capable of providing sales facilities for foreign exchange.
(2) When asked for purchases of coins, foreign currency notes, and Travelers' cheques from residents and also from non-residents, FFMC is likely to issue a certificate of encashment.
(3) Taking in and taking out of the foreign exchange is possible through the support of FFMC
(4) FFMC may pull off those transactions that are concerned with Travelers' cheques, coins, and foreign currency notes at rates of exchange in alignment with the rates prevailing in the market.
(1) Provide all the details in the application for FFMC License and submit the detailed application to the respective regional office of RBI's Foreign Exchange Department.
(2) Reserve Bank of India would examine the director of the applicant company under the "Fit & Proper" criteria set by RBI. If everything goes according to the demand of RBI and the regulatory body gets satisfied, then the FFMC license will be issued within a period of 2 to 4 months.
(3) The authority to give clearance is in the hands of the Empowered Committee along with the Reserve Bank's decision regarding the approval would be final as well as obligatory.
(1) What is FFMC License?
(2) Whether the FFMC License need to renew yearly?
(3) Where an application will be filed for FFMC License?
(3) Is there any possibility of carrying out money changing Business without the License of FFMC?
