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Package Inclusions:

  1.  Expert FFMC Advisory Service

  2. Private Limited Company Incorporation

  3. Document preparation for FFMC License

  4.  FoFFMC Application filing with RBI

  5.  Liaison with the RBI for quickly FFMC License

₹ Apply for FFMC License from RBI if you are willing to set up Foreign Exchange company in India. Connect with ComplyKart professionals for hassle-free services.

  • Complete solution for starting a Nidhi Company, including incorporation of limited company, issue of shares and obtaining Nidhi status.



Full Fledged Money Changer is an entity authorized by the Reserve Bank of India to deal in foreign exchange and offer essential foreign exchange services under Section 10 of the Foreign Exchange Management Act, 1999. A FFMC is an entity who purchase foreign exchange from non-residents or residents of India and sell the same for private and business travel purposes to the people visiting abroad. An Authorized money changer may either be a restricted money changer or Full-Fledged money changer.

In India people are not authorized to carry out the business of money changer unless they own a valid money changer’s license issued by the RBI. Any sort of money changing business without a valid license is liable to be penalised under FEMA Act. FFMCs may also setup franchisees or branches to undertake business of foreign currency.

To get a FFMC license, one has to register a company registered under the Companies Act, 2013with a minimum Net Owned Funds (NOF) of Rupees 25 lakh for a Single branch FFMC and Rupees 50 lakh for a Multiple branch FFMC. The main objective of such company must reflect the business of money changing into its Memorandum of Association (MOA). Within 6 months of getting the FFMC License the company is required to start the business of money changer and inform it to RBI. The Directors of the Entity undergo a review process under the “Fit and Proper” criteria by the RBI. 

Renewal of License of Full-Fledged Money Changer

To renew the license, an application must be made before 1 month from the date of expiry of license with supporting documents. Once the License is expired, application for restoration of money changer’s license shall not be accepted by RBI.

Register and Records maintained by FFMC

Form FLM-1-Daily Summary and Balance book of the Foreign currency notes/coins.
Form FLM-2-Daily Summary and Balance book of Travelers’ cheques.
Form FLM-3-Register of purchases of the foreign currencies from the public.
Form FLM-4-Register of purchases of the foreign currency notes/ coins from authorized dealers and authorized money changers.
Form FLM-5-Register of sales of foreign currency notes/ coins and foreign currency travellers’ cheques to the public.
Form FLM-6-Register of sales of the foreign currency notes/ coins to authorized dealers/ Full Fledged Money Changers/ overseas banks.
Form FLM-7-Register of travellers’ cheques surrendered to the authorized dealers/ authorized money changers/ exported.

FFMC License can be revoked by RBI on the following grounds:
If to revoke the license is in public interest.
If the FFMC has failed to comply with provisions of the Foreign Exchange Management Act, 1999.
The existing conditions of a money changer's license may be altered by Reserve Bank or new conditions can be imposed.

Advantage of FFMC License

Authorised to Provide service

Full-Fledged Money Changer is a only entity authorized capable of providing sales facilities for foreign exchange.

Certificate of Encashment

A FFMC can provide Certificate of Encashment upon purchase of coins, foreign currency notes, and Travelers' cheques from residents and also from non-residents.

Easy working process

Having a FFMC License make it easy to take in and take out Foreign Exchange.

Rate of exchange

FFMC deal into transactions related to coins, Travelers' cheques and foreign currency notes at rates of exchange in alignment with ongoing market rates.

Process for obtaining FFMC License

  • 1

    : Our FFMC Experts will explain you the documents and procedure to obtain the FFMC license within stipulated time.

  • 2

    The necessary documents are prepared and furnished for verification and inspection. It must be scanned and uploaded along with application.

  • 3

    Before filing the application with RBI, one must carry out the Due-Diligence and a declaration stating such Due Diligence has been carried out properly is filed.

  • 4

    The complete Application for Registration in Form RMC-F to the concerned Regional Office of Reserve Bank of India.

  • 5

    The License is granted by RBI within 2-3 month from the filing of application. It should be displayed in a prominent place in the premises.

Documents required for FFMC License

  • Signed Copy of the Certificate of Incorporation.
  • MOA & AOA having main object of money changing business.
  • A certified copy of the board resolution for undertaking money changing business.
  • Signed Copy of the latest audited Financials & Audit Report for the last three years, if applicable.
  • Details of sister / associated concerns operating in the financial sector, like NBFCs, etc.
  • Auditors certificate certifying the Net Owned Funds as on the date of application.
  • Confidential Report by Banker in a sealed cover.
  • Declaration by the Directors that no proceedings have been initiated by / are pending with the Directorate of Enforcement (DoE) / Directorate of Revenue Intelligence (DRI) or any other law enforcing authorities, against the company or its directors and no criminal cases are initiated / pending against the company or its directors.
  • A declaration to the effect that proper policy framework on KYC / AML / CFT, in accordance with the guidelines issued by Reserve Bank of India, Department of Banking Regulation, Central Office as referred to in their ‘Master Direction – Know Your Customer (KYC) Direction, 2016’ and other instructions in this regard so far and from time to time in future, mutatis mutandis, applicable to APs, will be put in place on obtaining the approval of the Reserve Bank and before commencement of operations.

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