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Currently conversion of foreign currency to Indian currency and vice-e-versa is possible through:
Further , each one of them may appoint franchises(known as Agents) for undertaking purchase of foreign currency.
AMC’s are entities under section 10 of the Foreign Exchange Management Act, 1999 authorised by the RBI to deal in foreign exchanges for the specified purposes.
Yes, license is mandatory for every person issued by the RBI to carry on the money changing business. Any person found to carry out the business without a proper license is liable to be penalised.
An AMC is a Full Fledged Money Changer (FFMC) authorised by the Reserve Bank to deal in foreign exchange for specified purposes. ... Any person found undertaking money changing business without a valid license is liable to be penalised.