FFMC Licence in Andaman and Nicobar Islands
As travel and cross-border trade grow out of Andaman and Nicobar Islands, that demand for currency exchange increasingly needs a licensed FFMC rather than informal, unregulated money-changing.
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The Andaman and Nicobar Islands run on a small but steady economy built around tourism, fishing, and inter-island trade — sectors where formal bank branches are thin on the ground and turnaround times can be slow. As travel and cross-border trade grow out of Andaman and Nicobar Islands, that demand for currency exchange increasingly needs a licensed FFMC rather than informal, unregulated money-changing.
StartRight4U helps applicants based in Andaman and Nicobar Islands put together a compliant FFMC application — net worth documentation, business plan, and RBI liaison included.
What Is an FFMC Licence?
A Full-Fledged Money Changer (FFMC) licence is RBI's authorisation under the Foreign Exchange Management Act, 1999 for a non-bank entity to deal in foreign exchange — buying and selling foreign currency notes, coins, and traveller's cheques for individuals, and (for Category I FFMCs) offering restricted money-changing services for business travel and other permitted purposes. It's the license that lets a company legally run a currency exchange counter without being a bank.
Categories of FFMC Licence
- Category I FFMC: can both purchase and sell foreign exchange, including for private and business travel, subject to RBI's operational guidelines
- Restricted Money Changer (RMC): can only purchase foreign currency notes/coins and traveller's cheques, not sell — typically a smaller-scale, lower-capital entry point
Eligibility Criteria for FFMC Registration
- Registered as a company under the Companies Act, 2013, with money-changing as a stated business object
- Minimum Net Owned Funds — ₹25 lakh for a single branch, rising to ₹50 lakh where multiple branches or Category I status is sought
- A clean track record for promoters and directors — no history of default, economic offence, or adverse regulatory action
- A defined business plan covering proposed locations, staffing, and internal control systems for currency handling
Documents Required for FFMC Licence
- Certificate of incorporation, Memorandum & Articles of Association
- Net worth certificate from a practicing Chartered Accountant with supporting audited financials
- Board resolution authorising the FFMC licence application
- KYC and background details of all directors and key managerial personnel
- Details of proposed business premises and internal control/security arrangements for cash handling
Step-by-Step FFMC Registration Process
- Incorporate a company with money-changing stated as a core business activity
- Prepare the Net Owned Funds certificate and supporting documentation
- Submit the application to RBI's Regional Office along with the business plan and premises details
- Respond to RBI's scrutiny of promoter background, financials, and operational readiness
- Receive the Certificate of Authorisation and complete any final registration formalities before commencing operations
Why Choose StartRight4U
StartRight4U combines regulatory experience with an end-to-end execution team — documentation, technical review, and direct liaison on your application — so you're not navigating the process alone.
- Dedicated specialists, not a generic filing service
- Clear, upfront documentation checklist — no last-minute surprises
- Direct support through queries and clarifications during review
- Transparent pricing with no hidden charges