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Money Changer License

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About Money Changer License

It is required to obtain a full-fledged money changer license from the Reserve Bank of India by every company which intends to do a Forex currency exchange activity or money changing activity in India. Full Fledged Money Changers entities are authorized by Reserve Bank of India to do money changing activities according to section 10 of the Foreign Exchange Management Act, 1990.

Guidelines regarding full fledge money changer’s vide the RBI annually publishes a master circular on a memorandum of instruction on money changing activities. Every company which intends to obtain FFMC license in India from RBI and all FFMC license holders are obliged to follow this circular and provision of Foreign Exchange Management Act, 1999. Even the entities other than banks can be a full fledge money changer, and they fall under the Authorized Dealer Category II whereas banks fall under the Authorized Dealer Category I.

Minimum Requirements

  • To apply for FFMC License, a company should be registered with the Registrar of Companies under Companies act 2013 or any other activities such as Companies act 1956.
  • To apply for a single branch license, a company should have a net owned fund of Rs. 25 lakhs whereas for multiple branch license Company should have a net owned fund of Rs. 50 lakhs.
  • The main activity of the company mentioned in object clause should be money changing activity.
  • To apply for the FFMC license in India by the Authorized dealer category should conduct regular spot Audits, it must be assured that there should not be any case pending against the company with Department of Enforcement or Department of Revenue Intelligence.


  • To apply for the license, an application form is required to be submitted as per Annexure-II prescribed by the Reserve Bank of India Master Circular on Memorandum of Instruction on Money Changing Activities.
  • A copy of Incorporation Certificate.
  • The copy of Commencement of the business.
  • A copy of the last three year audited balance sheet and profit and loss account.
  • As on the date of application, statutory auditor certificate of net owned funds.
  • The copy of Memorandum of Association having object related to money changing activities and Article of Association.
  • Customer Information Report from the bank, and it must be a confidential report addressed to RBI in a sealed cover.
  • Certified copy of the Board Resolution to apply for the Full Fledged Money Changer License with RBI and to undertake the money-changing activity.
  • According to the guidelines issued by Reserve Bank of India, a declaration that a proper policy framework will be placed for Anti Money Laundering- AML, Know Your Customer-KYC and Combating the Financing Terrorism-CFT before commencement of operation and after obtaining the FFMC license from RBI.


  • Incorporate itself under Companies Act 2013.
  • Get the application ready with the complete set of annexures as per RBI specification.
  • Submit application to the RBI regional office along with the required documents.
  • Reply with all the re-submissions, if required.
  • Liaisons with the RBI upto the stage of Receipt of License.
  • Granting of license after vigilant inspection of the application and the documents attached.

Frequently Asked Questions

Currently conversion of foreign currency to Indian currency and vice-e-versa is possible through:

  • AD Category-I Banks
  • AD Category-II
  • Full Fledged Money Changers

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.


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