FFMC License in India: Eligibility, Documents, Fees and Application Process
What Is an FFMC License? An FFMC license, or Full-Fledged Money Changer License, is an authorisation granted by the Reserve Bank of India (RBI) to eligible companies for carrying out specified foreign exchange activities in India. Businesses need this authorisation before undertaking regulated money-changing operations. The FFMC full form is Full-Fledged Money Changer. These entities can purchase foreign exchange from residents and non-residents visiting India and sell foreign exchange for permitted private and business travel purposes, subject to applicable RBI regulations. The regulatory framework is governed by the Foreign Exchange Management Act, 1999 (FEMA), and RBI's Master Direction on Money Changing Activities. For businesses planning to enter the foreign exchange market, obtaining an FFMC license is an important step towards operating legally and building customer confidence. What Activities Can a Full-Fledged Money Changer Perform? An authorised Full-Fledged Money Changer...