Full Fledge Money Changer- FFMC

Full Fledge Money Changer known as FFMC is the platform that provides permit to deal with money changing activities or Forex Currency Exchange. As per Under Section 10 (1) of the FEMA Act (Foreign Exchange Management Act, 1999), AMC (Authorized Money Changers) are the entities or individuals authorized by the RBI (Reserve Bank of India) and known as Full Fledge Money Changers. 

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FFMC can get involved in activities such as the conversion of coins or traveler’s cheques, foreign currency notes into (INR) Indian Rupees. FFMC can sell INR (Indian Rupees) to foreign visitors or tourists against International Credit Cards/International Debit Cards and take quick action to receive the reimbursement through normal banking channels.

Further, FFMC can without any restriction buy foreign coins from NRIs or any Indian residents and also FFMC can opt those currency exchanges for private visits, business visit and Forex Pre-Paid Cards.

Note: No entity can carry on the business of money changing activity or promote it unless they acquire a valid FFMC license granted by the RBI


If you want to carry out actions in FFMC you shall have the following licenses:

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  1. A company registration certificate.
  2. Net Owned Fund (NOF) of minimum Rs. 25 lakhs in single branch and Rs. 50 lakhs for multiple branches is mandatory.
  3. The object clause of the Memorandum of Association must reflect the action of money changing that will be attempted by the Entity.
  4. FFMC must not have criminal or civil cases pending against them either individually or against the company.
  5. After obtaining the FFMC License, the Entity must carry out its business activity within 6 months from the date of issuance of the Forex License and should, without fail, intimate the RBI.


  1. A Certificate of Incorporation and commencement of Business.
  2. The amended MoA (Memorandum of Association) and AoA (Articles of Association) of the company with provision for undertaking money changing businesses.
  3.  Various copies of Audited Balance sheet and Profit and Loss is required for three consecutive years from the date of application.
  4. A declaration to confirm that there isn’t any pending files against the company with or has been initiated by the Directorate of Revenue Intelligence (DRI) or Directorate of Enforcement (DoE) or any other law administering authorities.
  5. A sealed report from banker of the applicant.
  6. A report on KYC (Know Your Customer)/AML (Anti-Money Laundering) / CFT (Combating the Financing of Terrorism).S
  7. A certified copy of the Board Resolution.


Firstly, we will coordinate with you for the required documents and then proceed to the following steps:


The accompanying conditions are required to be maintained by the Full Fledged Money Changer (FFMC) after getting the license to be so. 

  1. A copy of registration under shop and establishment act.
  2. A FFMC must carry out their duties considering regulations mentioned by RBI.
  3. A FFMC must display a copy of the money changing license issued by the RBI.
  4. FFMCs must have a record of Concurrent Audit of all the transactions undertaken by them.
  5. It is mandatory for FFMC to submit annual audited balance sheets to the respective Regional Office of the RBI.


Smartbizguru also helps in posting compliance of the Company like appointing a Auditor, Preparing Finance of the Company, Filing of GST Returns and Other Returns to Government Authority, Registrar of Company (ROC) Compliances, and Consultation on Digital Market solutions.

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