FFMC License
Full Fledged Money Changer (FFMC) license from RBI to purchase foreign currency from residents and non-residents and sell to residents for private/business travel.
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What is an FFMC License?
A Full Fledged Money Changer (FFMC) is authorized by the Reserve Bank of India (RBI) under the Foreign Exchange Management Act (FEMA), 1999 to deal in foreign currency notes, coins, and travelers' cheques. Unlike an Authorized Dealer (Bank), an FFMC has a limited scope — it can purchase foreign currency from public (tourists, travelers) and sell foreign currency to residents for travel purposes only. FFMC is the most accessible foreign exchange license for private businesses. A single branch license requires minimum net owned funds of ₹25 Lakhs.
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Types of FFMC Authorization
Single Branch FFMC
For one branch location. Minimum NOF ₹25 Lakhs. Ideal for single-location forex businesses.
Multiple Branch FFMC
For chain of forex outlets. Minimum NOF ₹50 Lakhs. Can operate multiple branches.
Purchase Only
Buy foreign currency from the public — tourists can exchange foreign notes for Indian Rupees.
Buy & Sell Authorization
Full FFMC can both buy and sell foreign currency for approved purposes like travel.
Eligibility & Requirements
How to Get FFMC License from RBI
FFMC license applications are submitted to the Regional Office of RBI in the state where the business is located.
1Step 1: Meet Financial Eligibility
Ensure minimum NOF of ₹25L (single branch) or ₹50L (multiple branches) reflected in audited balance sheet.
2Step 2: Prepare Business Plan
Draft business plan covering target locations, anticipated transaction volumes, and compliance procedures.
3Step 3: Submit Application to RBI
File application to the Regional Office of RBI with all financial documents and company details.
4Step 4: RBI Due Diligence
RBI verifies all documents, checks promoter backgrounds, and may conduct an inspection of proposed premises.
5Step 5: FFMC Authorization Letter
RBI issues the FFMC Authorization Letter specifying the branch(es) and permitted activities.
FFMC license takes 60–90 days. RBI scrutinizes financial soundness and promoter background very carefully.
Documents Required
Company Documents
- Certificate of Incorporation
- MOA & AOA
- PAN Card
- Audited balance sheets (last 3 years)
Promoter Documents
- KYC documents of all directors/partners
- Net worth certificate from CA
- CIBIL reports
- Banker's references
Business Premises
- Premises ownership/rental proof
- Safe/vault specifications
- Security arrangements
- Location details
Post-Registration Compliance
Monthly RBI Returns
Submit monthly returns on forex transactions to RBI Regional Office.
Transaction Records
Maintain record of every forex transaction with customer identification (Aadhaar/Passport) for 10 years.
KYC & AML Compliance
Strictly follow KYC and AML guidelines — report suspicious transactions to FIU-India.
Annual Renewal
FFMC authorization must be renewed annually upon submission of audited accounts and compliance reports.
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