logo
. . .

Money Changer Compliance

An authorized money exchanger allowed to purchase foreign currency from non-residents visiting India & residents and to sell foreign currency for private and business travel purposes only are called full fledge money changers.

Get Expert Assistance

Money Changer Compliance

An authorized money exchanger allowed to purchase foreign currency from non-residents visiting India & residents and to sell foreign currency for private and business travel purposes only are called full fledge money changers.

Under 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 carries on money changing business.

Mandatory Compliance for Money Changer Licence

a. Maintain daily summary and balance book (foreign currency notes/ coins transacted) in form FLM 1

b. Maintain transaction done through travellers cheques (daily summery/ balance book) in form FLM 2

c. Maintain register of foreign currencies from public inform FLM 3              

d. Maintain register of purchase of foreign currency notes/ coins form authorized money changers in form FLM 4

e. Maintain register of sale of foreign currency (coins and notes and travellers cheque) to public in form FLM 5

f. Maintain sale of foreign currency (notes / coins)to authorized dealer/ full fledge money changers in form FLM 6

g. Maintain register of surrendered traveller’s cheque to authorized dealers/ authorized money changers in form FLM 7

h. By 15th of every month submit cash transaction report to financial intelligence unit of India. However individual transaction below INR 50000 need not to be submitted in the report

i. Within 7 days of happening of suspicious transaction, report shall be prepared and submitted about those suspicious transaction

j. Authorized Money Changers should send a monthly consolidated statement to the office of the Reserve Bank which issued the license for all its offices regarding the selling and purchase of foreign currency notes in the form FLM 8 (Annex-XI) in order to arrive not later than the 10th of the following month.

k. An Annual Report should be submitted by all Authorized Money Changerss to the respective Foreign Exchange Department Regional Offices, Reserve Bank which granted the licenses within one month of the end of the financial year, providing details of the amount written off during the financial year, in the format set out in Annex XIV.

  • STAGE 1

    CONNECT WITH US

    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

    PROCESS AND DOCUMENTATION

    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

    SHARE YOUR DOCUMENTS

    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

    PROCESSING AND UPDATE

    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

    SUCCESSFUL COMPLETION

    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.

Request A Callback
Related Services

Expert Legal Advisory Our Customers Love

Bespoke advisory focused on mission critical legal, financial and business aspects.

server room

Trusted By Clients And Industry Experts

Uniquely repurpose strategic core competencies with progressive content. Assertively transition ethical imperatives and collaborative manufactured products.

Write About Us
Let’s chat? - We're online
Corpzo Chat Now Corpzo Chat Image