Notifications
What is the procedure for FFMC license registration in India?
FFMC or Full Fledged Money Changers are the corporate financial entities that facilitate foreign currency money exchange with the RBI. To register yourself as an FFMC, you must follow the registration procedure suggested by the RBI. In this article, we have detailed you the entire registration procedure to get the RBI Full-Fledged Money Changer FFMC license. Let us look at them one by one.
image source: Freepik
Run a background check on the existing FFMC-licensed money changers. For such purposes, the applicant must see the registered FFMC license list. Scrutinize the list from head to toe. Run a complete research operation on every full-fledged money changer. By this, the applicant can estimate the financial stability needed to run the FFMC operations after getting the currency exchange license in India.
The applicant must incorporate itself as a Company under the Companies Act of 2013. It must be as per the RBI guidelines.
The applicant must collect and collate the required documents before applying for the FFMC license online. We have enlisted the required documents in the following points documents that you must attach with the RBI FFMC application for the success of a registration process:
If you have filed other FFMC applications, then submit them with the application. Then, you must file the duly filled Full-Fledged Money Changer license application.
Submit the documents along with the FFMC application to the concerned jurisdictional office at the RBI Liaison Office until the FFMC license is acquired.
After the application is assessed and verified, the RBI will grant the required FFMC License to the applicant. After gaining such a license, you can start your online money-changing activities.
The RBI requires no application processing fee for the FFMC registration.
If the Authority issues some notification to the applicant that something is wrong with the filed application, the applicant must take immediate action to rectify such inconsistencies. The Authority might issue a cancellation notification for FFMC License RBI if the applicant doesn't take the appropriate actions.
Here, Forex Trading, despite being a part of Full Fledged Money Changer, is different from the Forex Trading License and Forex Broker License. Every FFMC applicant must adhere to the Forex Trading License requirements beyond the scope of the FFMC.
Avoid such calls if you encounter sources claiming to have a money changer license for sale. Don't fall into such a trap and report such an entity or individual to the Authority.
The FFMC Licensee must apply for the renewal application two months before the FFMC license expiry or the period as the RBI prescribes. If the RBI accepts the FFMC license renewal application, then the FFMC license can continue until its expiry. The RBI can also reject the application. Keep in mind that Apex Bank will not entertain any renewal application after the expiry of the FFMC license.