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Read MoreFFMC Stands for Full Fledged money changer. To widen the access to foreign Currency to Non-residents or tourists, the Reserve Bank of India has allowed the full fledged money changers to deal in foreign exchange and to carry on the money changing activities.
But the dealing in foreign exchange by the FFMC is for limited purposes. The FFMC’s are allowed to buy foreign exchanges from tourists or NRI’s freely but they are allowed to sell the foreign exchanges only for limited purposes.
To carry on the business of Full fledged money changer, the Company must take a license from the reserve bank of India, otherwise it would not be allowed for any company to carry on the FFMC License without RBI Certificate of registration.
There are two categories which are as follows:
The basic documents required for registering a Full Fledged Money Changer(FFMC) are as follows:
The basic requirements for registering a Full Fledged Money Changer (FFMC) are as follows:
The registration process for registering a Full Fledged Money Changer(FFMC) is as follows :
1. Company incorporation: The Process for FFMC Registration starts with the incorporation of the company. The company must have the object of carrying on the business of Full Fledged Money Changer ( FFMC )
2. Open Company’s Bank Account: After the incorporation of the company, there needs to open a bank account in the name of the company in any nationalized bank.
3. Increase the paid-up capital: Thereafter the company needs to increase the paid-up share capital of the company at least up to INR 25 lacs for a single branch and up to 50 lacs for multiple branch and thereby fulfilling the minimum net owned fund requirement of 25 lac / 50 lac as the case may be.
4. Preparation of business Plan: Thereafter the company needs to prepare the proposed business plan of the company stating the details of how the business of the company will be operated after getting the FFMC license.
5. Preparation of Draft documents: Along with the preparation of the business plan, the consultant of the company applying for a Money changer license on behalf of the company shall also prepare the draft documents as required to be submitted to the RBI for FFMC Registration.
6. Collection of signed documents: Afterwards the consultant shall get the draft documents signed by the directors/shareholders concerned for submitting the same to RBI.
7. Submission of Physical documents to RBI: After preparation of all the required documents the consultant needs to submit the complete file contained the signed documents and certain other certificates to the Reserve bank of India.
8. Receipt of Queries from RBI: After receipt of the file for FFMC license, RBI shall scrutinize the details and documents as submitted to the RBI and if they find any discrepancy or any further information is required from the Applicant, then RBI shall email to the applicant on the given email ID about the further information as may be required.
9. Reply of RBI Queries: After receipt of the email from RBI, the company needs to provide all the required details, documents, clarifications, information etc. to the Reserve bank of India.
10. Issuance of license: Finally, if the RBI got satisfied that the company has fulfilled the requirements of being a full fledged money changer, then RBI shall issue the certificate of registration to the Applicant.
We offer all kinds of Consultancy, Compliances, and Registration Services concerning Full Fledged Money Changer (FFMC). We have impaneled various experts to provide the expert advisory, Registration, and Compliances services for Full Fledged Money Changer (FFMC)
The services included in Full Fledged Money Changer (FFMC) registration are:
200+
550+
2009
700+
How much time it takes for approval of the Certificate of registration for Full Fledged Money Changer (FFMC)?
It takes around 90– 120 days for getting a Certificate of registration for FFMC to carry on money changing activities.
How do we require to apply for Full Fledged Money Changer (FFMC) Registration?
The application for FFMC Registration needs to be filed with the Reserve bank of India Physically along with requisite documents as required for FFMC Registration.
Is there any minimum capital requirement for Full Fledged Money Changer( FFMC ) Registration?
Yes, the minimum capital required for FFMC Registration is as follows:
What are the regulation Applicable on a Full Fledged Money Changer(FFMC)?
Both the Ministry of corporate affairs and Reserve Bank of India regulates the Full fledged money changer companies.
So, it shall comply with both companies act 2013 and Circulars, Notification, Master Direction, Master Circulars, etc. of the reserve bank of India.
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