What is a Full Fledged Money Changer (FFMC) License in India? A Beginner’s Guide
Every day, India receives millions of forex transactions through travelers, NRIs, businesses, and global remittances. An entity must hold a Full Fledged Money Changer License , commonly known as FFMC, to legally deal in foreign exchange. This license gives a company the right to buy and sell foreign currency in accordance with RBI rules. Whether it is the exploration of the role that full-fledged money changers play or an intention to enter the forex services sector, this guide shall help one understand the basics of the FFMC License in India. What is an FFMC License? An FFMC License refers to a permission issued by the Reserve Bank of India, permitting an enterprise to: Purchase foreign exchange from residents or NRIs Provide foreign currency to people going abroad Issue prepaid forex cards and traveler’s cheques Act as an authorized forex service provider under the regulations of FEMA Without this license, dealing in forex is illegal in India. Why is a full-fledged money ...
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