Full Fledged Money Changer License (ffmc)

By Author: The Adviso
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To operate as an authorised money changer in India, one must also obtain a valid FFMC License, which is issued by the RBI. The entity that is identified to be providing currency exchange services without a valid license may face severe legal consequences. The RBI[1] publishes its Master Circular, known as the MoI (Memorandum of Instruction), on money-changing operations containing the FFMC regulations annually.

Different Kinds of FFMC License
There are three kinds of FFMC License in India:

-Authorised Dealer Category I Banks
-Authorised Dealers of Category II Banks (ADs Category–II)
-Full Fledged Money Changers (FFMCs)

An FFMC license holder must submit a renewal application two months before the license expires or within any other time frame, as the Reserve Bank of India may specify. The license may remain valid until its expiration date or until the RBI rejects the application. The RBI will not evaluate any applications for FFMC license renewal after the license has expired.

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