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Every company which intent to do a forex currency exchange activity or money changing activity in India have to obtain a Full Fledged Money Changer License from Reserve Bank of India.
Reserve Bank of India annually publishes guidelines for Full Fledged Money Changer’s vide a master circular on Memorandum of Instruction on Money Changing Activities. It is required to follow this circular and provision of Foreign Exchange Management Act, 1999 by every FFMC license holder.
Entities other than Banks can be a Full Fledged money changer and they fall under the Authorised Dealer Category II whereas the Banks comes under Authorised Dealer Category I.
Company which are registered under the Companies Act, 2013 are eligible to apply for the FFMC license in India
Conditions required to be fulfilled to apply for FFMC License in India:
· Company should be registered under Companies Act 2013 or any other act such as companies Act, 1956 with Registrar of Companies.
· Company should have a minimum net owned fund of Rs.25 lakhs to apply for a single branch license and Rs.50 lakhs for a multiple branch license.
· Money Changing Activity should be the main activity mentioned in the object clause of the company.
· There should not be any case pending against the company with Department of enforcement of Department of Revenue Intelligence.
Companies having a minimum net owned fund of Rs.10 lakhs and main object clause of the company is money changing business can obtain a franchise license from an existing FFMC. According to master circular of RBI, franchisee is allowed do only restricted money changing activities.
For this purpose, an application form along with the necessary documents is required to be submitted to the foreign exchange department of the regional office of Reserve Bank of India where the registered office of the company is situated.
Required Documents
· Application form as per Annexure II prescribed by the Reserve Bank of India Master Circular on Memorandum of Instruction on Money Changing Activities
· Copy of Incorporation Certificate of the Company
· Copy of Commencement of the Business of the Company
· Copy of the last three years Audited Balance Sheet and Profit and Loss account
· Statutory Auditor Certificate of Net Owned Funds as on the date of application
· Copy of Memorandum of Association and Article of Association containing the main object clause of money changing business
· Customer Information Report from the Bank. It Should be a Confidential Report addressed to the RBI in a sealed cover for the bank and all the key management personal
· Certified Copy of the Board Resolution to undertake money changing activity and to apply for the FFMC License with RBI
· A declaration that no proceeding against the company or any of the directors have been initiated by the Department of Enforcement or Department of Revenue Intelligence
· A declaration that a proper policy frame work will be placed for Anti Money Laundering, Know Your Customer-KYC and Combating the Financing Terrorism-CFT as per the guidelines issued by the RBI and as amended from time to time before commencement of operation and after obtaining the FFMC license from RBI
This license is required to be renewed every year by providing the required documents to the Reserve Bank of India.
