Understanding the FFMC License Regulatory Structure in India

Business1 years ago

Source: Understanding the FFMC License Regulatory Structure in India

The FFMC stands for Full Fledged Money Changer. It is a license that is regulated by Section 10(1) of the Foreign Exchange Management Act and the Reserve Bank of India (RBI). This license is required by any person or firm from the RBI as permission to conduct forex exchange activities in India. Without permission, no business or person can engage with such business, as it will be deemed an offence.