Full Fledged Money Changer
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Full Fledged Money Changer or Authorized Money Changer is a set up, authorized by the Reserve Bank under the Section 10 of the Foreign Exchange Management Act, 1999.
These Authorized Dealers by the Reserve Bank, deals in foreign exchange for various purposes like to broaden the access of foreign exchange facilities to residents and tourists or to sell foreign exchange for private and business travel purposes.
A company that receives a license from the Reserve Bank of India (RBI) with intent to carry out functions of forex currency or money changer activity is termed as ‘Full Fledged Money Changers’ (FFMCs).
- Benefits:-
- FFMC is capable to provide sale facilities for foreign exchange.
- FFMC can perform foreign exchange activities for the overseas residents.
- FFMC is able to address transactions regarding coins, foreign currency notes & traveler cheque at the current exchange rate.
