FFMC License

Full Fledge Money Changer License

FFMC License Criteria Requirement

Are you searching for FFMC License Criteria Requirement? Explore Reserve Bank of India (RBI) Full Fledge Money Changer License Prerequisites and Qualifications.

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Prerequisites for FFMC License Application

There are Minimum Criteria Specified in RBI Circular for FFMC License Application. Applicant must have fulfilled that criteria before application of license to concern RBI.

  • Applicant must be company as per Companies Act 2013. (Private Limited or Limited)
  • Net Owned Fund of the Company must be Rs. 25 Lakhs for Single Branch license and Rs. 50 Lakhs for Multiple Branches.
  • Companies MoA must have stated Full Fledge Money Changer (FFMC) Business activity.
  • FFMC Company must have Clean CIBIL record.
  • Directors of Company must have clean CIVIL and Criminal records.
  • FFMC Must start activity of foreign currency changer within 6 months of issue of license.
  • FFMC Company must deploy competent staff for execution of foreign currency changer operation.

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FFMC License Criteria Requirement