The following are the activities that Full Fledged Money Changer engages in (FFMC).

• An FFMC may, at their discretion, enter into a franchise agreement for the purpose of carrying out the Restricted Money Changing activity, which entails the conversion of foreign currency notes, coins, or travellers' checks into Indian rupees (INR).
• An FFMC or its franchisees may freely acquire any foreign currency notes, coins, or traveller’s checks from both Indian citizens and non-residents.
• An FFMC may sell Indian Rupees (INR) to international tourists or visitors in exchange for International Debit/International Credit Cards and then take swift steps to recover reimbursements through conventional banking procedures.
• Foreign currency may be sold by FFMCs for the following reasons.
• Visits for Business and Private Purposes
• Forex Cards that have been pre-paid.

The following are the activities that Full Fledged Money Changer engages in (FFMC).

• An FFMC may, at their discretion, enter into a franchise agreement for the purpose of carrying out the Restricted Money Changing activity, which entails the conversion of foreign currency notes, coins, or travellers' checks into Indian rupees (INR).
• An FFMC or its franchisees may freely acquire any foreign currency notes, coins, or traveller’s checks from both Indian citizens and non-residents.
• An FFMC may sell Indian Rupees (INR) to international tourists or visitors in exchange for International Debit/International Credit Cards and then take swift steps to recover reimbursements through conventional banking procedures.
• Foreign currency may be sold by FFMCs for the following reasons.
• Visits for Business and Private Purposes
• Forex Cards that have been pre-paid.

The following licences are necessary for an entity to operate as a Full-Fledged Money Changer (FFMC).

• Authorised Dealer Category-I Banks (AD Category–I Banks)
• Authorised Dealers Category-II (ADs Category–II)
• Full Fledged Money Changers (FFMCs)

The following are the qualifying requirements for operating as a Full-Fledged Money Changer (FFMC).

• To apply for a Full-Fledged Money Changer License, the entity must be registered under the Companies Act of 2013.
• To apply for a single-branch licence, the Entity must have a minimum net-owned fund of INR 25 Lakhs and INR 50 Lakhs for a multiple-branch licence.
• The purpose clause of the Memorandum must indicate the Entity's intention to engage in money-changing activities.
• There must be no ongoing civil or criminal charges against the Entity with the Department of Revenue Intelligence.
• Following the issue of the FFMC License, the Entity must carry out its commercial activity within 6 months of the date of issuance of the Forex License and must notify the RBI without fail.

• A copy of the Entity's Certificate of Incorporation.
• The Memorandum and Articles of Association must include a provision for engaging in money-changing activities or an appropriate modification to that effect.
• A copy of the Entity's most recent audited accounts, together with a certificate from Statutory Auditors confirming the Net-Owned Funds as of the License Application Date.
• Several copies of the Entity's audited Balance Sheet and Profit and Loss Account for the three years before the Date of Application for the License, if appropriate.
• A Confidential Report in sealed form from the Applicant's banker.
• Information on sister or affiliated companies in the financial sector, such as NBFCs.
• A certified copy of the Board Resolution authorising the money-changing business.

The Reserve Bank of India is in charge of the process of acquiring an FFMC License

• A full and detailed application for the FFMC License is submitted to the Reserve Bank of India's concerned regional office.
• The RBI would evaluate the application Entity's Director based on the "fit and suitable" standards. If everything meets the satisfaction of the RBI, the Full-Fledged Money Changer (FFMC) License will be given within 2 to 3 months
• The Empowered Committee's permission is required, and the Reserve Bank's decision on whether or not to give approval is final and binding.
• Note: The Entity will not be deemed eligible to receive an FFMC License if any case is launched or is pending against the Entity or any of its directors by any law-enforcing agency.