Introduction
Bank of India (RBI) to entities authorised to deal in foreign exchange for permitted transactions such as currency exchange, travel forex, and remittances. What is Full Fledged Money Changer License I
What is Full Fledged Money Changers
This page provides comprehensive information about Full Fledged Money Changer License including regulatory framework, eligibility criteria, documentation requirements, and step-by-step process.
Regulatory Framework
This service falls under the regulatory jurisdiction of RBI. Compliance with all applicable regulations is mandatory.
Who Needs This Service
Businesses and individuals who require Full Fledged Money Changer License include entities operating in the regulated financial services sector.
Eligibility Criteria
Eligibility requirements are defined by the relevant regulatory authority. Key criteria include entity type, capital requirements, and fit & proper standards for directors/promoters.
Documents Required
Certificate of Incorporation Memorandum and Articles of Association Net Worth Certificate (CA certified) Business Plan KYC documents for Directors Board Resolution
Registration Process
Step 1 Preparation & Documentation Gather all required documents and ensure eligibility criteria are met. Step 2 Application Filing Submit the complete application to the regulatory authority with supporting documents. Step 3 Regulatory Review The regulatory authority reviews the application and may seek clarifications. Step 4 Approval & Compliance Setup Upon approval, set up compliance framework and begin operations.
Fees Structure
Particulars Amount Remarks Regulatory Application Fee As prescribed Non-refundable Professional/Advisory Fees Variable Depends on scope Compliance Setup Cost Variable One-time
Timeline
Stage Estimated Time Notes Document Preparation 2ā4 weeks Depends on complexity Regulatory Review 3ā6 months Case-by-case Approval 1ā2 months After compliance confirmation
Compliance Requirements
Post-registration compliance is critical to maintain the license/registration in good standing. Regular filings and returns Governance and board oversight Annual audit and reporting KYC/AML compliance Customer grievance redressal
Frequently Asked Questions (FAQs)
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