Full Fledged Money Changer Company:
Authorized Money Changers (AMCs) are entities, authorized by the Reserve Bank under Section 10 of the Foreign Exchange Management Act, 1999. An AMC is a Full Fledged Money Changer (FFMC) authorized by the Reserve Bank to deal in foreign exchange for specified purposes. Money Ex-changer license needs to be renewed every year by providing applicable documents to the Reserve Bank of India. FFMCs should put in place a system of Concurrent Audit of the transactions undertaken by them. All single branches having a turnover of more than US $ 100,000 or equivalent per month and all multiple branch FFCs should institute a system of monthly audit. Single branch AMCs having turnover of less than US $ 100,000 or its equivalent may institute a system of quarterly audit.
The Reserve Bank reserves the right to revoke the license granted to an AMC at any time if the Reserve Bank is satisfied that It is in public interest to do so or the AMC has failed to comply with any condition subject to which the authorization is granted or has contravened any of the provisions of the Foreign Exchange Management Act, 1999 or any rule, regulation, notification, direction or order made there-under. The Reserve Bank also reserves the right to revoke the authorization of any of the offices for infringement of any statutory or regulatory provision. The Reserve Bank may at any time vary or revoke any of the existing conditions of a money changer's license or impose new conditions.
Our services for establish your Full-Fledged Money Changer Company:
● Forex Dealer Company Registration.
● Forex Business Plan
● FFMC License from RBI
Documents required for registration FFMC:
● Incorporation Certificate
● Certificate of Commencement of Business of the Company.
● Memorandum and Articles of Association containing a provision for undertaking money changing business or an appropriate amendment to this effect filed with the Company Law Board.
● Copy of latest audited accounts with a certificate from the Statutory Auditors certifying the Net Owned Funds as on the date of application.
● Three years audited Balance Sheet and Profit & Loss account of the company (if applicable)
● Confidential Report from the applicant's banker.
● A declaration to the effect that no proceedings have been initiated by/are pending with the DoE /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 vide A.P. (DIR Series) Circular No. 17 [A.P. (FL/RL Series) Circular No. 04] dated November 27, 2009, as amended from time to time, will be put in place on obtaining the approval of the Reserve Bank and before commencement of operations.
● Details of sister concern or associated concerns operating in the financial sector, like NBFCs, etc.
● A certified copy of the board resolution for undertaking money changing business.
● On receipt of application the board evaluates the documents and after being satisfied, intimates the applicant.
● The applicant on receipt of the intimation by board pays the fees, as specified.
● Grant of certificate is received in Form B.
