FFMC License

An FFMC License is the authorization that empowers you to start a Full-Fledged Money Changing business anywhere in India. Reserve Bank of India, the apex banking authority of the country, issues this license on the following conditions:

  • The first condition is that you adhere to the terms and conditions of running a money changing business.
  • The Second condition is that you take the right steps when filing for FFMC license online.

Needless to say, you can only care about adhering to the terms and conditions after you’ve obtained the FFMC license – meaning that you have to get authorized first, and the care about terms and conditions comes second. Thus, through this article, we are going to cover all the details and documents that you need to provide to the RBI to obtain the license to establish a money changing business.

Details to enter in the FFMC license application form

Following are the details that you’re required to enter in the FFMC license application form:

  • Name of the Applicant: The very first detail you need to fill in the application form is your name. You have to enter it in block letter – capital letters – so that the RBI officials can read it easily. And, you need to be grammatically correct so that it matches with the ID proof you’ve submitted with the application.
  • Full Address: You have to provide your full residential address; right down the street you live in and the landmark that you live besides or opposite to.
  • Location of the place of business: Provide the details of the location in which you want to conduct your money changing business. If that location exists in the area where you need licenses under Shops and Establishment Act, you need to provide the same.
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  • Basic company details: There are two basic company details you need to fill in the application form:
    • Name and address of the director(s) of the company
    • Date of company’s incorporation.
  • Net owned funds of the company: Your net owned funds must meet the eligibility requirement of the FFMC license.
  • Details of the authorized persons: In this section, you’ll enter the name, qualification, designation and signature of the people you’ve authorized to do money changing activity using your FFMC company.
  • Business description: Provide a brief description of the business activities that you will do once you start your FFMC.
  • Other particulars: If you have other details that you think are important enough for the RBI to know about you; details that can increase your chances of getting FFMC registration, you have to provide them in this section.

Documents to enter in the FFMC license application form

Following are the documents that you need to submit along side the FFMC license application form:

  • Certificate of incorporation of your company
  • Memorandum of Incorporation of your company
  • Net Worth Certificate of your company
  • List of directors of your company
  • List of shareholders of your company
  • Audited balance sheets of your company
  • Declarations that you:
    • Adhere to the Net worth requirement
    • Don’t have any pending case against you in the DOE or DRE
  • ID proof
  • Address proof
  • Shops and establishment act business licenses
  • FFMC License fees

Conclusion

You must take care to enter the right details when you’re filing any application and submitting it to the government authority. Reserve Bank of India is the strictest among these authorities. Thus, you need to be extra careful when submitting your FFMC license application. If you don’t have the confidence to fill the form yourself or need any assistance for this matter, reach out to FFMC license consultant.

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From application filing for FFMC license to FFMC license renewal assistance, Registrationwala provide all that you need to establish our Full-Fledged Money Changing business.

Here are the details and documents you need to provide for FFMC license in India. Read and understand them, and their worth before you pursue your FFMC license dreams online.

By Anurag Rathod

Anurag Rathod is an Editor of Appclonescript.com, who is passionate for app-based startup solutions and on-demand business ideas. He believes in spreading tech trends. He is an avid reader and loves thinking out of the box to promote new technologies.