Applicant’s Net Owned Funds, other than banks, should be calculated as follows:

The full-fledged money changer licence is one of the WAYS TO JUMP INTO FINANCE SECTOR BUSINESS Full-fledged money changer form of business is an easy way to get into the finance world and it can be a good start-up.

• ➲ Full-fledged money changer (FFM)C gives the facility of bringing in and taking out of the foreign exchange
• ➲ Certificate of encashment may be issued by Full fledged money changer (FFMC) when asked for in cases of purchases of foreign currency notes, coins and travellers' cheques from residents as well as non-residents
• ➲ Full-fledged money changer (FFMC) offers sales facilities of foreign exchange
• ➲ Transactions relating to foreign currency notes and travellers' cheques will be done by Full fledged money changer (FFMC) at rates of exchange determined by market conditions and in alignment with the ongoing market rates.

Application form should be submitted in the prescribed format to the respective Regional Office of the Foreign Exchange Department of the Reserve Bank under whose jurisdiction the registered office of the applicant falls, along with the following documents/attachments:

• ➲ Certificate of Incorporation.
• ➲ Objects of the company must specify the provision for undertaking money changing business in its Memorandum and copy of such MOA should be attached with that form
• ➲ Copy of Articles of Association
• ➲ A certificate copy of latest audited accounts from the Statutory Auditors certifying the Net Owned Funds as on the date of application. Last three years Audited Balance Sheet and Profit & Loss Account of the company, wherever applicable.
• ➲ Applicant's banker confidential report in a sealed cover.
• ➲ A declaration to the effect that no proceedings have been initiated by / are pending with the Directorate of Enforcement (DoE) / Directorate of Revenue Intelligence (DRI) or any other law enforcing authorities, against the applicant company or its directors and that no criminal cases are initiated/pending against the applicant company or its directors.
• ➲ A declaration to the effect that proper policy framework on KYC / AML / CFT, in accordance with the guidelines issued by Reserve Bank of India, Department of Banking Regulation, Know Your Customer (KYC) Direction, 2016’ and other instructions in this regard so far and from time to time in future, mutatis mutandis as applicable to APs, shall be put in place on obtaining the licence from the RBI and before commencement of operations.
• place on obtaining the licence from the RBI and before commencement of operations. ➲ Sister / associated concerns operating in the financial sector, like NBFCs, etc.
• ➲ Board resolution for undertaking money changing business

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