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Full Fledged Money Changers

An authorized company that is authorized to purchased foreign exchange from non-residents visiting India & residents & to sell foreign exchange for private & business travel purposes only is Known as Full fledged money changer (FFMC).

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What is a Full Fledged Money Changer?

Full Fledged Money Changers License or a FOREX Licence is mandatory for all and any kind of currency exchange business in India. Guidelines for Full Fledged Money Changer License or Authorised Money Changers (AMC) are laid down by the Reserve Bank of India under Section 10 of the Foreign Exchange Management Act, 1999

An authorized company which is authorized to purchased foreign exchange from non-residents visiting India & residents & to sell foreign exchange for private & business travel purposes only is Known as Full fledged money changer (FFMC).

As per section 10 of (FEMA) Foreign Exchange Management Act 1999, Reserve Bank authorises Authorised Money Changer (AMC) who can undertake the money-changing business. Without possession of a valid money changer’s licence issued by RBI, no person shall carry on money changing business.

What are the entry norms for Full Fledged Money Changer?

  • The Applicant has to be a company registered under company’s act 2013
  • Minimum Net Owned funds required for consideration as FFMC


Minimum net owned fund

Single branch FFMC

       25 lakhs

Multiple branch FFMC

       50 lakhs

Applicant’s Net Owned Funds, other than banks, should be calculated as follows:

Net Owned Funds (Method A)








Paid-Up Equity Capital


Free Reserves

Credit Balance in P & L

Accumulated Losses

Deferred Revenue Expenditure

Other intangible Assets

Net Owned Funds (Method B)








Owned Funds

Investment in Shares of its subsidiaries

Investment in Shares of group companies

Investment in all (other) NBFC’s

Deposits with subsidiaries and companies of the same group in excess of 10% of Owned Funds

Benefits of a Full-Fledged Money Changer Licence

The full-fledged money changer licence is one of the WAYS TO JUMP INTO FINANCE SECTOR BUSINESS

Full-fledged money changer form of business is an easy way to get into the finance world and it can be a good start-up.

➲ Full-fledged money changer (FFM)C gives the facility of bringing in and taking out of the foreign exchange

➲ Full-fledged money changer (FFMC) purchases foreign currency notes, coins and travellers' cheques from residents as well as non-residents. They may sell Indian Rupees to foreigners (tourists or visitors) against International Credit or Debit Cards and take prompt steps to obtain reimbursement through legal and normal banking channels.

➲ Certificate of encashment may be issued by Full fledged money changer (FFMC)  when asked for in cases of purchases of foreign currency notes, coins and travellers' cheques from residents as well as non-residents

➲ Full-fledged money changer (FFMC) offers sales facilities of foreign exchange

➲ Transactions relating to foreign currency notes and travellers' cheques will be done by Full fledged money changer (FFMC) at rates of exchange determined by market conditions and in alignment with the ongoing market rates.

Documents Required for Full Fledged Money Changer (FFMC) Licence

Application form should be submitted in the prescribed format to the respective Regional Office of the Foreign Exchange Department of the Reserve Bank under whose jurisdiction the registered office of the applicant falls, along with the following documents/attachments:

➲ Certificate of Incorporation.

➲ Objects of the company must specify the provision for undertaking money changing business in its Memorandum and copy of such MOA should be attached with that form

➲ Copy of  Articles of Association

➲ A certificate copy of latest audited accounts from the Statutory Auditors certifying the Net Owned Funds as on the date of application. Last three years Audited Balance Sheet and Profit & Loss Account of the company, wherever applicable.

➲ Applicant's banker confidential report in a sealed cover.

➲ A declaration to the effect 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 applicant company or its directors and that no criminal cases are initiated/pending against the applicant 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, Know Your Customer (KYC) Direction, 2016’ and other instructions in this regard so far and from time to time in future, mutatis mutandis as applicable to APs, shall be put in place on obtaining the licence from the RBI and before commencement of operations.

➲ Sister / associated concerns operating in the financial sector, like NBFCs, etc.

➲ Board resolution for undertaking money changing business

How does CORPZO help you in getting Full Fledged Money Changer (FFMC) Licence?

  • Call or raise a request with us
  • Our experts will understand your requirement(s) and advise you accordingly.
  • We will collect the necessary documents and information for FFMC Licence.
  • We shall assign a dedicated resource for the task who will keep you posted every step of the way.
  • STAGE 1


    We are just a call or message away!

    Call or WhatsApp us on +91-99991-39391 for free consultation from our team of experts. You can also email us on reach@corpzo.com.

  • STAGE 2


    Your consent is essential!

    We share the detailed and reasonable estimated costs, documents and prerequisites for the complete process before starting the process to ensure transparency.

  • STAGE 3


    We ensure timelines are met!

    Our team warrants hassle free documentation. We collect the necessary documents and share the relevant drafts to ensure a timely filing and delivery.

  • STAGE 4


    Precision is our speciality!

    Upon collecting the necessary documents and information, we waste no time in preparation and filing of your application. development on your application is brought to your attention.

  • STAGE 5


    We deliver what we commit!

    On successful completion of the case we share all the relevant documents electronically and physically along with an assurance to pay you back if something is wrong.

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