Money Exchanger License

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S.Jegadeesan (Querist)
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04 February 2011 Sir,
I want to apply to get the Money Exchanger License.What is the procedure? & what are the documents should be included if it is pvt ltd?

Regards,
S.Jegadeesan.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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05 February 2011 The Reserve Bank of India Act (RBI) of 1934 established the incorporation of a reserve bank with central functions and procedures for conducting foreign exchange and banking transactions. The foreign exchange license under the RBI Act defines the role of authorized dealers and the provisions of the Foreign Exchange Regulation Act (FERA) of 1973.

for more info:-
https://www.rbi.org.in/scripts/PublicationDraftReports.aspx?ID=447

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
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06 February 2011 Kindly see that there are 2 basic conditions:-
1.paid up share capital + reserves of Rs. 25 lakh for 1 branch FFMC or Rs. 50 lakh for multi branch.
2.Object clause must contain the FFMC clause

after you fulfill the same ther are some other formalities to follow.

Anuj
9810106211

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