FFMC License (Money Changer)
RBI authorisation to deal in foreign exchange.
A Full Fledged Money Changer license is issued by the Reserve Bank of India and permits a business to purchase foreign exchange from residents and non-residents and to sell it for approved purposes. It is a regulated financial license, and the RBI's scrutiny reflects that.
- Government fee
- As prescribed by RBI
- Timeline
- 90–180 working days
Get started with FFMC License
Free eligibility check · No obligation
What FFMC License is, and who it applies to
FFMC licenses are granted under the Foreign Exchange Management Act, 1999. Holders may buy foreign currency and travellers' cheques from residents and visitors, and sell foreign exchange for private and business travel, subject to the limits and purposes the RBI prescribes.
The threshold requirement is net owned funds. An applicant seeking a single-branch license must demonstrate minimum net owned funds of ₹25 lakh, rising to ₹50 lakh for a multiple-branch license. These are hard floors verified from audited accounts, and applications from companies that do not meet them are simply returned.
The applicant must be a company registered under the Companies Act with foreign exchange business stated as an object in its memorandum. Directors are assessed for fitness and propriety, and the RBI considers whether any director has been the subject of adverse regulatory or criminal proceedings.
Once licensed, the compliance burden is ongoing and real: KYC and anti-money-laundering procedures under the Prevention of Money Laundering Act, periodic returns to the RBI, concurrent audit requirements, and inspection. This is a license for businesses prepared to run a genuine compliance function, not a side activity.
Who needs FFMC License
- Companies intending to operate a foreign exchange business
- Travel agencies wanting to offer currency exchange in-house
- Hotels and hospitality groups serving international guests
- Businesses at airports, tourist centres and border locations
- Existing authorised dealers expanding into money changing
Why it matters
Legal forex dealing
Authorisation to buy and sell foreign currency — dealing in forex without it is an offence under FEMA.
Additional revenue stream
Exchange margins on currency conversion, particularly valuable for travel and hospitality businesses with existing footfall.
Regulatory standing
RBI authorisation is a strong credibility signal for institutional and corporate customers.
Branch expansion
A multiple-branch license allows a network of exchange counters across locations.
Documents required
Scans on WhatsApp are fine. We check every document against the officer's checklist before filing.
Company documents
- Certificate of Incorporation
- Memorandum and Articles of Association, with forex business as an object
- Audited balance sheet and P&L for the last three years
- Certificate from a chartered accountant confirming net owned funds
- PAN and GST registration
- Board resolution approving the application
Director documents
- PAN, Aadhaar and photographs of all directors
- Declaration of fitness and propriety
- Confirmation that no director is subject to adverse proceedings
- Bankers' reports on directors and the company
Operational documents
- Details of proposed branch premises with ownership or lease proof
- KYC and anti-money-laundering policy document
- Details of trained personnel for forex operations
- Security arrangements at the premises
How we do it
- 1
Feasibility assessment
We verify net owned funds, review your memorandum objects and assess director eligibility before committing to an application.
- 2
Structuring
Memorandum amendments, capital infusion or restructuring arranged where needed to meet RBI thresholds.
- 3
Policy drafting
KYC and AML policy documents prepared to RBI expectations — a common point of deficiency in rejected applications.
- 4
RBI application
The application is filed with the relevant RBI regional office with the complete documentation set.
- 5
Liaison and grant
We respond to RBI queries and coordinate inspection until the license is granted, then set up the ongoing returns calendar.
What it costs
We do not publish a rate card, because the right fee depends on your entity type, turnover and how much of the groundwork is already done. Tell us what your business does and we will quote a fixed figure for your case — before you commit to anything.
We quote a fixed professional fee for your case before any work begins, and it excludes GST. Government fees, where applicable, are shown separately and paid directly to the department. Statutory fees and thresholds change by notification — we confirm the current position for your case before you commit.
What non-compliance costs
- Dealing in foreign exchange without authorisation is an offence under FEMA with substantial penalties
- Licenses can be revoked for breach of KYC and AML obligations
- Failure to file periodic returns to the RBI attracts regulatory action
FFMC License — frequently asked questions
What are the minimum net owned funds for an FFMC license?
₹25 lakh for a single-branch license and ₹50 lakh for a multiple-branch license. These are verified from audited accounts with a chartered accountant's certificate. They are hard thresholds — the RBI does not entertain applications below them.
Can a proprietorship or partnership apply?
No. The applicant must be a company registered under the Companies Act, with dealing in foreign exchange included as an object in its memorandum of association. If your memorandum does not currently include it, that has to be amended first.
How long does the RBI take?
Realistically three to six months, sometimes longer. It is a regulated financial license and the RBI conducts thorough scrutiny of the company, its directors and its compliance framework. Timelines are not something an intermediary can compress.
What ongoing compliance applies after the license is granted?
KYC and anti-money-laundering procedures under PMLA, periodic returns to the RBI, concurrent audit, maintenance of prescribed registers, and readiness for RBI inspection. It is a genuine ongoing compliance function and should be resourced as one.
Can I exchange currency without an FFMC license?
No. Dealing in foreign exchange without RBI authorisation is an offence under FEMA and carries substantial penalties. Some businesses operate as agents of an existing authorised dealer instead, which is a lighter arrangement worth considering if the FFMC thresholds are out of reach.
Ready to start your FFMC License?
Send us a message and we will confirm what you need, what it costs and how long it takes — before you pay anything.
Mon – Sat, 9:00 AM – 6:00 PM · Usually replies within an hour