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Wednesday, 01 September 2010 05:30

Download Application Form for Full Fledged Money Changers (FFMC) License under Section 10(1) OF FEMA, 1999

Form Details
MinistryReserve Bank of India
TitleApplication Form for Full Fledged Money Changers (FFMC) License under Section 10(1) OF FEMA, 1999
Document Size10.8 KB
Text of the PDF document(for quick reference)
APPLICATION FORM FOR FFMC LICENSE UNDER SECTION 10(1) OF FEMA, 1999 1. Full name of the applicant 2. Address in full 3. Name of location/s where the applicant proposes to conduct Money Changing Business (Please enclose copies of Licenses under Shops and Establishment Act ) 4. (a) Date of establishment of the company (b) Name/s and address/es of the Directors of the company 5. Copy of the Certificate of Incorporation of the company 6. Copy of the Certificate of commencement of business of the company 7. Copy of Memorandum of Association together with a letter indicating the clause which provides for taking up money changer's business 8. Confidential report from the applicant's bank/s in CIR format 9. Net Owned Funds A copy of the latest Audited Balance Sheet of the applicant company together with a certificate from their Chartered Accountant certifying their net owned funds as on the date of application and calculation thereof is to be enclosed. Rs. 10. Declaration to the effect that the company and any of its directors are not under investigation/ adjudication of any law enforcing agencies, such as ED/DRI & also that no criminal proceedings filed by Crime Investigation Agencies are pending against the company or any of its directors. 11. Undertaking to post competent staff to handle the money changer's business 12. Name , designation and signature of persons authorized to deal in foreign exchange. 13. A brief write up of the activities of the applicant/ nature of business. 14. Whether the applicant had applied earlier for FFMC/ RMC license. If so the particulars thereof. 15. Any other particulars / special reasons the applicant may wish to state in support of the application. We undertake that in the conduct of money changing business, we shall at all time abide by the rules/ regulations/ orders/ directions/ notifications which Reserve Bank of India may from time to time issue in this behalf. Place : Date: Signature of the applicant with seal Enclosures:- 1. Bankers' confidential Report 2. Attested copies of audited accounts for the past 3 years. Note:- Single branch FFMCs shall have net owned funds not less than Rs. 25 lakh while FFMCs intending to operate through more than one branch will have to maintain net owned funds not less than Rs. 50 lakh.
Last Updated on Friday, 17 December 2010 05:30

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