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What does authorized money dealer license mean?

The Reserve Bank of India (RBI) requires obtaining a license from the body for a bank or financial institution to be authorized money changers who engage in forex currency exchange activity.

Documents required for applying:

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  • Proof of an existing business (accounts, incorporation certificates, etc.)
  • Copy of company‚Äôs MOA (with money changing activity in object clause)
  • Customer information report
  • A certified copy of board resolution to apply for Full-Fledged Money Changer (FFMC) license with RBI
  • A declaration of creating a sound policy of framework to prevent financial crimes according to RBI regulations

What is the process of registration?

  • Submission of a complete and detailed application.
  • Review of the director of the applicant institution under the 'fit and proper' criteria of RBI. If no problems are found, the FFMC license would be issued within 2-3 months.

Frequently Asked Questions

  • Applicants who are a registered company and have Net Owned Funds (NOF) of minimum 25 Lakhs for single branch and 50 Lakhs for multiple branches are eligible for the FFMC license.