FFMC license is a business permit to become a money changer. Simply put, it allows you to setup a business that you can use to exchange currencies for other people. As a business it’s niche. However, it’s market is on the rise for many reasons.
These reasons will among the many benefits of obtaining FFMC license that we are going to discuss in this article.
Capabilities to furnish sale facilities
Foreign exchange leads to foreign money. Foreign money leads to more Indian currency. That eventually leads to more profitability. If you make it to the FFMC license list, you have the power to furnish sale facilities for foreign exchange in India. They give you an door to the international share market that you can participate it to earn profits at a monumental scale.
And who doesn’t want more profit. To put it in plain terms, having a Full Fledged money changer license in India (FFMC) allows you to participate in international trade. It would give you an opportunity to earn profit at an unprecedented scale.
Provide protection to foreign currency notes
Do you know how valuable is to find even a dollar-rupee note in India? As per the current exchange rate, it would be around INR 75 rupees. But that’s not the benefit I am talking about. The currency notes of foreign countries are extremely valuable to Indians and people traveling to India. Those who have gotten the FFMC license can provide these currency notes encashment facilities.
Encashment certificates are special certificates whose format was designed by RBI to keep a hard record of the foreign currencies possessed by Indian nationals. An Authorized money changer has to power to issue encashment certificates to Indian nationals (and non-Indian nationals in some cases) for the following:
Foreign Currency Notes
Performing foreign exchange activities
Full Fledged Money Changers have the authority given to them by the Reserve bank of India to perform foreign exchange activities. They are, in simple terms, are such as:
Inputting and outputting foreign exchange
Ability buy foreign currency from general public
Sales fore reconversion to Indian currency
Staying updated with the current exchange rate to provide the best services to the clients.
Dealing in foreign shares subject to additional authorization by the Reserve bank of India.
With an FFMC license, RBI bestows on you the power to address many kinds of transactions. Be in the exchange of :
Foreign currency notes
As an FFMC, you’d also receive training in staying updated with the current exchange rates and other nuances of the business. Thus, you’d be able to address those aforementioned transactions in the way possible.
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Getting an FFMC license online will shower you with many advantages. However, it all depends on where you get it from. You have two choices in the matter:
You can, but should not, reach out to someone who has a money changer license for sale.
Or, you can get in touch with an FFMC license consultant. He would file your money changer license application and at minimum FFMC license fees, provide you other services as well.
Our recommendation, to make sure that FFMC license cancelled doesn’t happen to you, is to get in touch with a good consultant.