24/06/2020 Financial & Legal Services
Many foreigners visiting India look for agents who can help them convert their foreign currency into India Rupee. These agents are authorized and regulated by the RBI. Under section 10 of the Foreign Exchange Management Act, 1990 no dealer is authorized to engage in money changing services without obtaining an FFMC License.
Non-compliance with this can lead to heavy penalties for the unauthorized dealer.
An FFMC permits you to
Act as a money changer agent and accepts traveler's cheque, coins, foreign currency notes to Indian currency notes.
Have the liberty to accept and sell foreign currency and Indian currency.
However, a professional’s guidance can help you acquire an FFMC License quickly and with much ease.
Consult our experts now!
Apply for the FFMC license application is required to be submitted along with the necessary documents to the foreign exchange department (FED) of the ...
Reserve Bank of India annually publishes guidelines for Full Fledged Money Changer’s vide a master circular on Memorandum of Instruction on Money Chan...