What Does Authorized Money Dealer License Mean?

The Reserve Bank of India (RBI) requires obtaining a license from the body for a bank or financial institution to be authorized money changers who engage in forex currency exchange activity.

Documents Required For Applying:

1. Proof of an existing business (accounts, incorporation certificates, etc.)
2. Copy of company’s MOA (with money changing activity in object clause)
3. Customer information report
4. A certified copy of board resolution to apply for Full-Fledged Money Changer (FFMC) license with RBI
5. A declaration of creating a sound policy of framework to prevent financial crimes according to RBI regulations

What Is The Process Of Registration?

1. Submission of a complete and detailed application.
2 Review of the director of the applicant institution under the ‘fit and proper’ criteria of RBI. If no problems are found, the FFMC license would be issued within 2-3 months.

FREQUENTLY ASKED QUESTIONS

Applicants who are a registered company and have Net Owned Funds (NOF) of minimum 25 Lakhs for single branch and 50 Lakhs for multiple branches are eligible for the FFMC license.

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