{"id":17420,"date":"2020-12-04T14:16:41","date_gmt":"2020-12-04T08:46:41","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=17420"},"modified":"2020-12-04T14:19:48","modified_gmt":"2020-12-04T08:49:48","slug":"authorised-money-changer-license-in-india","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/authorised-money-changer-license-in-india\/","title":{"rendered":"Authorised Money Changer License: Concept and Scope in India"},"content":{"rendered":"\n<p class=\"has-drop-cap\">In India, RBI has the authority to hold all the\nessential assets, such as Forex or Foreign Exchange Reserves in the form of\nForeign Currencies. Further, these assets are responsible for influencing\ncountry\u2019s International Trade, Monetary Policy, and Exchange Rate. So, to carry\nout the activities concerning currency or foreign exchange, one needs to\nacquire FFMC License or Authorised Money Changer License from RBI.<\/p>\n\n\n\n<p>In this blog, we will discuss about the concept and\nscope of Authorised Money Changer License<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a73e6d8554\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a73e6d8554\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/learning\/authorised-money-changer-license-in-india\/#Concept_of_Authorised_Money_Changer_License\" title=\"Concept of Authorised Money Changer License\">Concept of Authorised Money Changer License<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/learning\/authorised-money-changer-license-in-india\/#Concept_of_Authorised_Money_Changers\" title=\"Concept of Authorised Money Changers\">Concept of Authorised Money Changers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/learning\/authorised-money-changer-license-in-india\/#Different_Types_of_Authorised_Money_Changers\" title=\"Different Types of Authorised Money Changers\">Different Types of Authorised Money Changers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/learning\/authorised-money-changer-license-in-india\/#Scope_of_Authorised_Money_Changer_License\" title=\"Scope of Authorised Money Changer License\">Scope of Authorised Money Changer License<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/learning\/authorised-money-changer-license-in-india\/#Requirements_of_Money_Changer_License\" title=\"Requirements of Money Changer License\">Requirements of Money Changer License<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/learning\/authorised-money-changer-license-in-india\/#Permitted_Activities_for_FFMC_License_Holders\" title=\"Permitted Activities for FFMC License Holders\">Permitted Activities for FFMC License Holders<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/learning\/authorised-money-changer-license-in-india\/#Documents_Required_for_Obtaining_Authorised_Money_Changer_License\" title=\"Documents Required for Obtaining Authorised Money Changer License\">Documents Required for Obtaining Authorised Money Changer License<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/learning\/authorised-money-changer-license-in-india\/#Process_to_Obtain_Authorised_Money_Changer_License_in_India\" title=\"Process to Obtain Authorised Money Changer License in India\">Process to Obtain Authorised Money Changer License in India<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/learning\/authorised-money-changer-license-in-india\/#File_Application_to_RBI\" title=\"File Application to RBI\">File Application to RBI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/learning\/authorised-money-changer-license-in-india\/#Fit_and_Proper_Criteria\" title=\"Fit and Proper Criteria\">Fit and Proper Criteria<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/learning\/authorised-money-changer-license-in-india\/#Requirements_of_Fit_and_Proper_Criteria\" title=\"Requirements of Fit and Proper Criteria\">Requirements of Fit and Proper Criteria<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/learning\/authorised-money-changer-license-in-india\/#Empowered_Committee_Clearance\" title=\"Empowered Committee Clearance\">Empowered Committee Clearance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/swaritadvisors.com\/learning\/authorised-money-changer-license-in-india\/#Review_by_RBI\" title=\"Review by RBI\">Review by RBI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/swaritadvisors.com\/learning\/authorised-money-changer-license-in-india\/#Commencement_of_Business\" title=\"Commencement of Business\">Commencement of Business<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/swaritadvisors.com\/learning\/authorised-money-changer-license-in-india\/#Post-Registration_Requirements\" title=\"Post-Registration Requirements\">Post-Registration Requirements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/swaritadvisors.com\/learning\/authorised-money-changer-license-in-india\/#Revocation_of_Authorised_Money_Changer_License\" title=\"Revocation of Authorised Money Changer License\">Revocation of Authorised Money Changer License<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/swaritadvisors.com\/learning\/authorised-money-changer-license-in-india\/#Renewal_of_AMC_License\" title=\"Renewal of AMC License\">Renewal of AMC License<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/swaritadvisors.com\/learning\/authorised-money-changer-license-in-india\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concept_of_Authorised_Money_Changer_License\"><\/span>Concept of Authorised Money Changer License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In\nIndia, any company or individual who wants to start a money exchange business\nneeds to first obtain Full Fledged Money Changer License from RBI. Further, for\nobtaining license, the applicant requires to comply with all the guidelines and\nregulations given in the Master Circular issued by the Apex Bank.<\/p>\n\n\n\n<p>Also, the rules and regulations concerning AMC (Authorised Money Changers) and Foreign Currency are given under <strong>FEMA 1999<sup><a href=\"https:\/\/dor.gov.in\/sites\/default\/files\/Foreign%20Exchange%20Management%20Act%201999.pdf\" class=\"text-primary\"><strong><em>[1]<\/em><\/strong><\/a><\/sup><\/strong>, which acts as the regulatory law for forex in India as well.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concept_of_Authorised_Money_Changers\"><\/span>Concept of Authorised Money Changers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>According to section 2 of FEMA 1999, the term \u201cAuthorised Person\u201d denotes an individual or a business entity that deals with the activities and operation related to foreign exchange. Further, it includes Authorised Dealer and Off-shore Banking Units as well.<\/p>\n\n\n\n<p>Also, an AMC is eligible to buy forex from the tourists visiting India and can then sell the same against some approved activities, such as Currency Notes, Traveler\u2019s Cheque, and Conversion of Coins.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Different_Types_of_Authorised_Money_Changers\"><\/span>Different Types of Authorised Money Changers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The different types of Authorised Money Changer are as follows:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/12\/Different-Types-of-Authorised-Money-Changers.png\" alt=\"Types of Authorised Money Changers\" class=\"wp-image-17430\" width=\"641\" height=\"177\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/12\/Different-Types-of-Authorised-Money-Changers.png 1000w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/12\/Different-Types-of-Authorised-Money-Changers-300x83.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/12\/Different-Types-of-Authorised-Money-Changers-768x213.png 768w\" sizes=\"(max-width: 641px) 100vw, 641px\" \/><\/figure><\/div>\n\n\n\n<ol><li>Authorised Dealer Category- I Banks;<\/li><li>Authorised Dealer Category- II;<\/li><li>Full-Fledged Money Changer;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Scope_of_Authorised_Money_Changer_License\"><\/span>Scope of Authorised Money Changer License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Any individual or business entity who wants to undertake activities concerning money or foreign exchange needs to <strong><a href=\"https:\/\/swaritadvisors.com\/ffmc-license\" class=\"text-primary\">acquire FFMC License<\/a><\/strong> under section 10 of Foreign Exchange Management Act 1999. <\/p>\n\n\n\n<p>Also, it shall be considerate to note that any\nperson or business carrying out operations of money exchange without obtaining\na valid AMC License, then the same will be held liable under the provisions of\nFEMA 1999.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Requirements_of_Money_Changer_License\"><\/span>Requirements of Money Changer License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The key requirements of an Authorised Money Changer\nLicense are as follows:<\/p>\n\n\n\n<ol><li>The applicant\ncompany needs to registered under the Companies Act 2013;<\/li><li>For operating a\nsingle branch, the applicant company needs to have NOF (Net Owned Funds) of\natleast Rs 25 lakhs;<\/li><li>For operating\nmultiple branches, the applicant company needs to have NOF (Net Owned Funds) of\natleast Rs 50 crores;<\/li><li>The object\nclause of the company must state its intention to operate as money exchanger;<\/li><li>There must not\nbe any pending criminal or civil case against the directors of the company with\nthe Department of Revenue Intelligence;<\/li><li>After acquiring\nFFMC license, the business entity must commence the operations of Authorised Money\nChanger within 6 months, starting from the date of issuance of license; <\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Permitted_Activities_for_FFMC_License_Holders\"><\/span>Permitted Activities for FFMC License Holders<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The activities permitted for FFMC License Holders\nare as follows:<\/p>\n\n\n\n<ol><li>An AMC License\nHolder can undertake activities concerning Currency Notes, Travelers\u2019 Cheque,\nand Conversion of Foreign Currency into Indian Currency;<\/li><li>For carrying out\nrestricted money changing activities, an AMC License Holder requires to enter\ninto a Franchise Agreement;<\/li><li>An FFMC License\nHolder is eligible to freely deal in Travelers\u2019 Cheque, Foreign Currency\nandCoins with both NRIs and Indian Residents;<\/li><li>An Authorised\nMoney Changer License Holder can easily sell Indian Currency against\nInternational Credit or Debit card of foreigners;<\/li><li>A registered\nFFMC can sell forex currency in return of business transactions, personal\nvisits, and forex prepaid cards;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_Required_for_Obtaining_Authorised_Money_Changer_License\"><\/span>Documents Required for Obtaining Authorised Money Changer License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The documents required for obtaining Authorised\nMoney Changer License are as follows:<\/p>\n\n\n\n<ol><li>A copy of Certificate of Incorporation;<\/li><li>A copy of Certificate of Commencement;<\/li><li>A copy of MOA (Memorandum of Association) and AOA (Articles of Association); <\/li><li>Latest Audited Financial Statements;<\/li><li>A copy of the Certificate from Statutory Auditors regarding company\u2019s NOF;<\/li><li>Audited Balance Sheet and Profit and Loss Account of the company for the previous 3 financial years; <\/li><li>Confidential Report of Bank in a sealed cover;<\/li><li>Details concerning nature of the activities undertaken;<\/li><li>Details concerning the associated companies operating in the Financial sector;<\/li><li>A copy of the Board Resolution passed for carrying out money changing activities;<\/li><li>A copy of the Declaration concerning Policy Framework on KYC (Know Your Customer)\/ AML (Anti Money Laundering)\/ and CFT (Combating the Financing of Terrorism Customer Data);<\/li><li>A copy of the Declaration from DRI (Department of Revenue Intelligence) stating that it has never conducted any investigation against the Directors of the Company;<\/li><\/ol>\n\n\n\n<p><b>Also, Read:<\/b> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/learning\/how-to-apply-for-ffmc-full-fledge-money-changer-license\/\">How to Apply for FFMC License?<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Process_to_Obtain_Authorised_Money_Changer_License_in_India\"><\/span>Process to Obtain Authorised Money Changer License in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The steps involved in the process to obtain Authorised Money Changer License are as follows:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/12\/Process-to-Obtain-Authorised-Money-Changer-License-in-India-heading.png\" alt=\"Authorised Money Changer License Process\" class=\"wp-image-17429\" width=\"490\" height=\"490\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/12\/Process-to-Obtain-Authorised-Money-Changer-License-in-India-heading.png 1000w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/12\/Process-to-Obtain-Authorised-Money-Changer-License-in-India-heading-150x150.png 150w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/12\/Process-to-Obtain-Authorised-Money-Changer-License-in-India-heading-300x300.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/12\/Process-to-Obtain-Authorised-Money-Changer-License-in-India-heading-768x768.png 768w\" sizes=\"(max-width: 490px) 100vw, 490px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"File_Application_to_RBI\"><\/span>File Application to RBI<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In the first step, the applicant company requires to\nfile an application in the format prescribed under Annexure \u2013 II with RBI\u2019s\nregional office. Further, the said application needs to be filed with the\nrequired documents.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fit_and_Proper_Criteria\"><\/span>Fit and Proper Criteria<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>For obtaining <strong><a href=\"https:\/\/swaritadvisors.com\/learning\/money-changer-license-from-rbi-complete-guide-on-amc-license\/\" class=\"text-primary\">Money Changer License from RBI<\/a><\/strong>, the company needs to satisfy a Fit and Proper Criteria. Therefore, the&nbsp;Board of Director need to undertake the process of Due Diligence to confirm that the Fit and Proper criteria is duly met.<\/p>\n\n\n\n<p>Also, the Fit and Proper criteria\nhelps in determining the integrity, expertise, track record, qualifications of\nthe person being appointed as Director.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Requirements_of_Fit_and_Proper_Criteria\"><\/span>Requirements of Fit and Proper Criteria<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The key requirements of Fit and Proper Criteria are\nas follows:<\/p>\n\n\n\n<ol><li>Must not be more\nthan 70 years in age;<\/li><li>Must not a\nMember of Legislative Assembly ;<\/li><li>Must not be the\nMember of Parliament;<\/li><li>Must not have\nany Past Criminal Record;<\/li><li>Must not have\nreceived any Permission from Regulatory Bodies;<\/li><li>Must not have\nHistory of Fraudulent Practices;<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Empowered_Committee_Clearance\"><\/span>Empowered Committee Clearance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In the next step, the process of\nAMC License proceeds further only after obtaining a clearance from the\nEmpowered Committee. However, the same will be provided after making proper\nverification.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Review_by_RBI\"><\/span>Review by RBI<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Now, the\u00a0RBI will review the application\u00a0and\u00a0documents furnished\u00a0by the company.Further, if the apex bank is satisfied that all the documents submitted are and the fit and proper criteria is successfully met, it will grant Authorised Money Changer License to the applicant within 2 to 3 months.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Commencement_of_Business\"><\/span>Commencement of Business<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>After acquiring FFMC license, the business entity must commence the operations of Authorised Money Changer within 6 months, starting from the date of issuance of license. Also, the said company requires to furnish a duplicate copy of the <strong><a href=\"https:\/\/swaritadvisors.com\/shop-establishment-license\" class=\"text-primary\">Shop and Establishment License<\/a><\/strong>, Possession Certificate, and Lease Agreement with the apex bank before commencing the business operations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Post-Registration_Requirements\"><\/span>Post-Registration Requirements<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The post-registration requirements for an Authorised\nMoney Changer License are as follows:<\/p>\n\n\n\n<ol><li>The directors of the company requires\nto furnish a duplicate copy of the Shop and Establishment License, Possession\nCertificate, and Lease Agreement with the apex bank before commencing the\nbusiness operations;<\/li><li>The company needs to adhere with all the guidelines, circulars,\ndirections as issued by the Apex Bank;<\/li><li>The company must display the&nbsp;copy of the Money Changer License issued at every place of business;<\/li><li>For carrying out the activities and operations of foreign exchange\nsmoothly and hassle free, the company requires to implement a mechanism of\nConcurrent Audit;<\/li><li>The registered company requires to submit its Annual Audited\nBalance Sheet at the RBI\u2019s regional office.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Revocation_of_Authorised_Money_Changer_License\"><\/span>Revocation of Authorised Money Changer License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In\nIndia, RBI has the authority to cancel or&nbsp;revoke the Full Fledged Money Changer License&nbsp;issued to the\nAuthorised Money Changers in the situations as follows:<\/p>\n\n\n\n<ol><li>In the Interest of the General Public;<\/li><li>If  the said Authorised Money Changer is not able to comply with the      provisions of the\u00a0FEMA Act 1999, and the guidelines, circulars, directions issued by the RBI;<\/li><\/ol>\n\n\n\n<p>Further,\nthe Apex bank reserves the right to change\/ modify\/ revoke any of the prevailing&nbsp;terms,\nconditions or regulations for obtaining\nAMC License in India.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Renewal_of_AMC_License\"><\/span>Renewal of AMC License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>To renew the Full Fledged Money License or FFMC License, the directors of the applicant company requires to\u00a0furnish an application for renewal 1 month prior to the date of the expiry of such license. <\/p>\n\n\n\n<p>However, if in case, the company is not able to file the application for renewal within the prescribed time frame, RBI will then reject the application whenever filed. <\/p>\n\n\n\n<p>However, it shall be considerate to state that the previous license will remain valid till the time company receives the notice of rejection. However, it will not be\u00a0qualified to file the application\u00a0for renewal after the expiry of FFMC License.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In a nutshell, any company or\nindividual who wants to start a money exchange business needs to first obtain\nAuthorised Money Changer License from RBI.<\/p>\n\n\n\n<p>However, it shall be considerate to\nnote that the process and documentation for acquiring FFMC License is a tough,\nintricate, and back-breaking task, as it involves a lot of compliance and documentation\nrequirements.<\/p>\n\n\n\n<p>Also, the apex bank has become more\nstringent in in terms of issuing Full Fledged Money Changer License, as the\ncompanies are directly dealing with the money of public.<\/p>\n\n\n\n<p>Therefore, it is significant to for a company to consult and take advice from RBI and FEMA experts prior to under taking the process of registration. The reason behind the same is to have knowledge concerning post-license requirements that a AMC holder needs to meet.<\/p>\n\n\n\n<p><b>Also, Read:<\/b> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-regulatory-framework-for-ffmc-license\">What is the Regulatory Framework for FFMC License?<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In India, RBI has the authority to hold all the essential assets, such as Forex or Foreign Exchange Reserves in the form of Foreign Currencies. Further, these assets are responsible for influencing country\u2019s International Trade, Monetary Policy, and Exchange Rate. So, to carry out the activities concerning currency or foreign exchange, one needs to acquire [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":17428,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[350],"tags":[1026],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/17420"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=17420"}],"version-history":[{"count":16,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/17420\/revisions"}],"predecessor-version":[{"id":17441,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/17420\/revisions\/17441"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/17428"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=17420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=17420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=17420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}