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FFMC License: Decoding the RBI guidelines for issuing

An FFMC License is the authorisation by the Reserve Bank of India given to companies that seek to do business in currency sale/purchase activities. Such companies, after obtaining the license, become Full Fledged Money Changers.

If you also want to become a Full Fledged Money Changer, you need to understand the guidelines prescribed by the RBI for issuance of FFMC license.

This article is going to put those guidelines in simple terms for your understanding.

Broad categories of RBI guidelines for issuing FFMC license

RBI guidelines pertaining to licensing Full Fledged Money Changers is divided into following categories.

  • Entry Norms
  • Documentation
  • Basis of Approval

Entry Norms for FFMC License

To gain entry into the Full Fledged Money Changing Market, you must comply to two RBI guidelines. They are as follows:

The applicant must be a company

You must have a registered business entity called a company to file the application for the FFMC license. The Reserve Bank of India is only interest in entertaining application from prospects that are organizations, not individuals. Therefore, before you step ahead and fill the application form, incorporate your company as per the Companies Act, 2013.

The applicant must comply to the minimum net worth requirements

Your Money Changing company should be capable of financially sustaining the business of currency exchange. Thus, you must meet the following minimum net worth requirements.

  • For single branch FFMC: INR 25 Lakh
  • For multiple branch FFMC: INR 50 Lakh


Following are the documents that you  are required to submit when file the application for FFMC license online.

  • Copy of Certificate of Incorporation of your company
  • Memorandum of Association stating that your company undertakes money exchange business.
  • Articles of Association stating the rules and regulations complied to by your company.
  • Copy of the latest audited accounts Certified by Statutory Auditors
  • Net Worth Certificate of your company Certified by Statutory Auditors
  • Sealed Confidential Report from your company’s bank – showing the RBI that you meet the net worth requirements.
  • Following declarations:
    • Declaration that there are no cases against you – pending or otherwise – in the Department of Revenue Intelligence or any other department of law enforcement.
    • Declaration that you’ll put a proper policy frame work for Know Your Customer / Authorized Money Lending and CFT once you obtain the FFMC license.
  • Details of other activities you’re a part of in the financial sector such as NBFCs etc.
  • Certified copy of the board resolutions to start a money changing business.

 Basis of approval

This category consists of the factors that RBI assesses to judge you as an applicant. Simply put, they are the very aspects of you as an applicant that form the basis on which RBI approves your licensing.

  • Whether you meet the “Fit and Proper” Criteria required by a Full Fledged Money Changer.
  • Whether you have the clearance to obtain the FFMC license by an Empowered Committee – a committee set for the very purpose of issuing you the clearance.


Reserve Bank of India broadly uses three types of guidelines when deciding whether or not to issue you the FFMC license.

Read Other Useful License: DPL License

Be relevant, follow the FFMC regulations and you can obtain the FFMC license on time. Furthermore, Reserve Bank of India would follow the same criteria when entertaining your FFMC license renewal application.

Are you interested in becoming a ffmc license? Take your first step.

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