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FFMC License Consultant in India

Are you planning to start a foreign exchange business in India? Accountum India provides expert consultancy services for obtaining a Full-Fledged Money Changer (FFMC) License from the Reserve Bank of India (RBI).

An FFMC License is mandatory for businesses involved in foreign currency exchange and forex money-changing activities. Our experienced team assists you at every step — from eligibility assessment to final RBI approval — ensuring a smooth and hassle-free process.

We are a trusted consultancy firm offering complete support, including eligibility verification, documentation, application filing, compliance guidance, and follow-ups with RBI authorities.

FFMC License Consultant in Ahmedabad, India

Accountum India is a leading RBI License consultancy firm based in Ahmedabad, providing expert services for obtaining a Full-Fledged Money Changer (FFMC) License across India.

An FFMC License is mandatory for carrying out foreign currency exchange activities in India. With this license, businesses can legally buy and sell foreign currency from tourists, NRIs, and residents for travel, business, and personal purposes.

As per the Foreign Exchange Management Act (FEMA), only authorized entities approved by the Reserve Bank of India (RBI) are permitted to conduct money-changing activities. The RBI grants FFMC Licenses under Section 10 of FEMA.

Why Choose FFMC Business?

With the rapid growth in tourism, international travel, and business transactions, the demand for foreign exchange services is increasing significantly in India. FFMC business offers strong growth potential, especially in:

  • Tourist locations

  • Hotels & hospitality sector

  • Travel agencies

  • Forex service providers

Minimum Requirements for FFMC License

  • Applicant must be a Company (Private Limited / Public Limited)

  • Minimum Net Worth: ₹25 Lakhs

  • Directors must have clean financial & legal background

  • No default with Bank / NBFC / Financial Institution

  • No pending litigation with government authorities

  • Object clause in MoA must include money-changing activity

  • Business must commence within 180 days of approval

Documents Required for FFMC License

  • Certificate of Incorporation (CIN)

  • Memorandum of Association (MoA)

  • Articles of Association (AoA)

  • Net Worth Certificate (Certified by CA)

  • Capital & Liability Certificate

  • Banker’s Confidential Report (RBI format)

  • Board Resolution for FFMC Application

  • Board Resolution for starting forex business

Activities Allowed Under FFMC License

  • Purchase foreign currency from tourists, NRIs, and residents

  • Sell foreign exchange for travel, business, and personal use

  • Deal in currency notes, coins, and traveler’s cheques

  • Issue foreign prepaid forex cards

  • Enter into franchise agreements for restricted money-changing activities

Post-License Compliance (Important)

After obtaining FFMC License, the following compliances must be followed:

  • Submission of business commencement proof to RBI

  • ROC Form INC-20A filing

  • GST Registration (if applicable)

  • Shop Act / Professional Tax Registration

  • Maintain proper books & registers (FLM-1 to FLM-8)

  • Monthly & Annual reporting to RBI

  • Concurrent audit system mandatory

  • Separate records for each branch/location

  • Follow all RBI circulars and updates

FFMC License Renewal

  • FFMC License is valid for 1 Year

  • Renewal must be filed 60 days before expiry

  • All compliances must be completed before renewal

  • Late renewal is not allowed by RBI

Our FFMC Consultancy Services

At Accountum India, we provide complete end-to-end support:

✔ Eligibility Assessment
✔ Documentation & Drafting
✔ RBI Application Filing
✔ Follow-ups with RBI
✔ Compliance Guidance
✔ Renewal & Ongoing Support

Service Locations

We provide FFMC License consultancy services across all major RBI regional offices in India including:

Ahmedabad, Mumbai, Delhi, Bangalore, Bhopal, Chennai, Hyderabad, Kolkata, Jaipur, Chandigarh, Kochi, Guwahati, Patna, and more.

FAQs on FFMC License Registration & Compliance

1. Can Proprietorship, Partnership Firm, or LLP apply for FFMC License?

No, only a Company registered under the Companies Act, 2013 (Private Limited or Public Limited) is eligible to apply for an FFMC License from RBI.

2. What is the total cost of Company Registration and FFMC License?

  • Company Registration: Approx. ₹25,000

  • FFMC License Consultancy: Approx. ₹90,000

  • Total Estimated Cost: ₹1,15,000 (Approx.)

3. Can an FFMC License holder appoint sub-agents or franchise partners?

Yes, an FFMC License holder can appoint franchisees (sub-agents) for restricted money-changing activities, subject to RBI guidelines and conditions.

4. What is the validity of FFMC License and its renewal process?

  • FFMC License is valid for 1 year

  • Renewal application must be filed at least 60 days before expiry

  • All compliances must be completed before applying for renewal

5. Can RBI cancel or revoke FFMC License?

Yes, RBI has the authority to cancel the FFMC License under the following circumstances:

  • If it is in public interest

  • Failure to submit required documents or returns

  • Violation of FEMA provisions, RBI guidelines, or license conditions

  • Any activity that negatively impacts foreign exchange operations

6. What other registrations are required for FFMC Business?

  • Company Incorporation (with FFMC object clause in MoA)

  • RBI FFMC License

  • Professional Tax Registration

  • Shop & Establishment License

  • GST Registration (if turnover exceeds ₹40 Lakhs)

  • PF Registration (if employees exceed 20)

7. What is the minimum net worth requirement for FFMC License?

  • Single Branch: Minimum ₹25 Lakhs Net Worth

  • Multiple Branches: Minimum ₹50 Lakhs Net Worth

8. What does “Clean Record” mean for directors/company?

As per RBI guidelines, directors must satisfy the “Fit and Proper” criteria, which includes:

  • No criminal background

  • Strong financial credibility

  • No defaults with banks or financial institutions

  • No involvement in fraudulent or unethical business practices

  • No regulatory penalties or disqualifications

  • Must not be a Member of Parliament (MP) or Legislative bodies

The company must conduct proper due diligence and submit declarations confirming compliance with RBI norms.

9. What compliance is required for directors after appointment?

  • Annual declaration of “Fit & Proper” status (as on 31st March)

  • Immediate reporting of any change in director details to RBI

  • Continuous compliance with RBI and Companies Act provisions

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