How to Withdraw from a Partnership in India
Starting a new business with a partner is exciting, isn’t it? But, as seen at times, things do not always quite go as expected. Any of the partners, volunta ...
FFMC License
Need FFMC license and compliance solution! Partner with us for expert guidance and seamless compliance solutions.
10000+
Business Served
15+
Industry Experience
50+
Experience CA + Lawyers
Free Consultation by Expert
- An AMC Licensee has the capacity to provide foreign exchange sale facilities and services.
- In the event of Travelers Cheque, Foreign Currency Notes from Non-Residents and Residents, an FFMC licence holder can offer encashment certificates.
- International exchange operations for foreign visitors visiting India can be carried out by an FFMC License Holder.
- An AMC License Holder can deal with coinage, travelers’ checks, and foreign currencies at the current exchange rate.
- The organization applying for a Full-fledged money changer License must be registered under the Companies Act 2013/1956.
- The corporation must have a minimum net owned finance of Rs.25 lakhs towards applying for a single branch license as well as Rs.50 lakhs for a multiple branch license.
- There must not be any civil or criminal case pending against the corporation with the Department of enforcement of the Department of Revenue Intelligence.
- An AMC License Holder can deal with coinage, travelers’ checks, and foreign currencies at the current exchange rate.
- After getting the FFMC License the corporation must continue its business activity within 6 months from the date of issuance of Forex License and must intimate the RBI.
- All orders, guidelines, and circulars issued by the Apex Bank must be followed by the applicant company.
- A copy of the obtained Money Changer License must be displayed at every location where the licence holder's registered office is located.
- The applicant organization must implement a comprehensive Concurrent Audit framework in order to conduct foreign exchange transactions and operations in a seamless and hassle-free manner.
- At the RBI's regional office, the registered licence holder company must submit its Annual Audited Balance Sheet and Profit and Loss Account for the previous three years.
- Before beginning business activities, the directors of the application company must submit a duplicate copy of the Possession Certificate, Shop and Establishment License, and Lease Agreement to the Reserve Bank of India.
- An Authorized Money Changer must keep the daily summary and balance sheet and data registers and records for their money changing transactions.
Mr. Manish is highly professional. We get the best service and advice. Very punctual and dedicated team, always stays upfront in informing anything to avoid obligations. Thank you so much.
Raman Shukla
COO at VSERV Infosystems & Founder VSERV Academy
Mr. Manish Mishra's team provided invaluable guidance and expertise in Fintech and NBFC advisory, helping us navigate complex financial regulations and achieve remarkable growth in our business. Their insights are truly a game-changer.
Abhishek M R
Managing Director AMR FINANCE PVT LTD
Mr. Manish, as our Virtual CFO, has been instrumental in propelling our business to spontaneous growth. His expert guidance and strategic insights have transformed our financial landscape, paving the way for remarkable success.
Ajay Kumar
Founder & CEO - Eagabriz Shipping Pvt Ltd
Authorized entities, as defined by section 10 of the Foreign Exchange Management Act, 1999, that have received permission from the Reserve Bank of India to engage in foreign exchange business.
Yes, the FFMC License must be renewed every year by submitting the required application materials to RBI.
No, there is no way to work as a money changer without first obtaining an FFMC license.
There are three different types of FFMC licences:
Authorized Dealer Category 1 (Banks), Authorized Dealer & Full-Service Money Exchangers (FFMC).
Before beginning business, submit all of these copies to the RBI Regional Office.
A copy of the lease agreement; a copy of the store registration; and a copy of the rent receipt or the Establishment Act.
Why LLP Registration is the Best Option for You
A Limited Liability Partnership (LLP registration), as the name proposes, is a corporate business entity that enables a partnership between the business partne ...
5 Reasons to Register Your Partnership Firm
Most start-ups in recent times are thus evolving as partnership firms. Predominantly, the business types in India are either proprietorship firms or partnershi ...