What Is A Full Fledged Money Changer?

Full Fledged Money Changers License or a FOREX Licence is mandatory for all and any kind of currency exchange business in India. Guidelines for Full Fledged Money Changer License or Authorised Money Changers (AMC) are laid down by the Reserve Bank of India under Section 10 of the Foreign Exchange Management Act, 1999 An authorized company which is authorized to purchased foreign exchange from non-residents visiting India & residents & to sell foreign exchange for private & business travel purposes only is Known as Full fledged money changer (FFMC). https://www.corpzo.com/full-fledged-money-changers As per section 10 of (FEMA) Foreign Exchange Management Act 1999, Reserve Bank authorises Authorised Money Changer (AMC) who can undertake the money-changing business. Without possession of a valid money changer’s licence issued by RBI, no person shall carry on money changing business.