Global Services By BIATConsultant

Every company with intent to do a forex currency exchange activity or money exchange activity in India have to obtain a Full Fledged Money change License from Reserve Bank of India.

Under section 10 of Foregin Exchange Management Act 1999 ,RBI entitles to authorise enteties to deal in foreign exchange . They are often known asAuthosied Money Changers (AMC) . AMC are of three types namely :

• Authorised Dealer Category - | Banks ( AD Category - | Banks )

• Authorised Dealer Caterogy - || (AD Category -||)

• Full Fledged Money Changers ( FFMCs)

The main aim of defining three types of authosied money changers is to facilitate residents and tourists to have access to wider range of foreign exchange facilities.

In order to be authorised for full fledged money changer in India , they need to apply for full fledged money changer licnese in India which is being issue by RBI in India.

In order to apply for FFMC license in India , company registraiton under companies act , 2013 is required.

In addition to it RBI annualy publishes Full Fledged Money Changer Memorandum of Instructions which controls money changing activities . So if you are planning to either opt for FFMC linense or you already have one , then you are abide to follow guidelines menitioned in Foreign Exchange Management Act ,1999.