FFMC License under FEMA, 1999 and RBI

Subject.: Note on Obtaining FFMC License under FEMA, 1999 and RBI

Authorised Money Changers (AMCs) are entities, authorised by the Reserve Bank under Section 10 of the Foreign Exchange Management Act, 1999. An AMC is a Full Fledged Money Changer (FFMC) authorised by the Reserve Bank to deal in foreign exchange for specified purposes.

The different types of AMCs are Authorised Dealer Category -I Banks (AD Category–I Banks), Authorised Dealers Category – II (ADs Category–II) and Full Fledged Money Changers (FFMCs).

The applicant has to be a company registered under the Companies Act, 1956. The minimum Net Owned Funds (NOF) required for consideration as FFMC is Rs.25 lakh for Single branch FFMC and Rs.50 lakh for Multiple branch FFMC.

We would like to take this opportunity to introduce ourselves as “RBI/FEMA Consultants”. We would like to present our Corporate Law Services which you required in future.

A) Services to be rendered:

Preparation of documents
Apply for FFMC license
Laisoning with Reserve Bank of India
Laisoning with FEMA department
To do all related activities till obtaining Certificate of FFMC
B) Documents required:

Copy each of the Certificate of Incorporation and Certificate of Commencement of Business of the company.
Memorandum and Articles of Association
Shop & Establishment License
KYC documents of Board of Directors
Copy of the latest audited accounts with a certificate from the Statutory Auditors certifying the Net Owned Funds as on the date of application. Copies of the audited Balance Sheet and Profit & Loss Account of the company for the last three years, wherever applicable.
Rest documents we will provide once received these details from applicant.

C) Place of rendering Services:

The place of rendering services generally shall be your office or our office situated at 496B, 2nd Floor, Near KCC Classes, Kasba Peth, Pune – 411011.

D) Professional Fees:

The Professional fees for obtaining FFMC registration will be discussed in a Meeting.

Pramodkumar R. Ladda

Company Secretary

Signature

​Tel: +91-20-24570055 | Office Cell : +91- 9284293227, 9309845448 |

Personal Mob. : +91- 7972422151, 9595271145 | Skype id: pramodladda

Ladda Bhutada & Associates : 2nd Floor, OM Apartment, SR No. 496/B, KCC Classes Lane,

Opp. R. M. Kabara Electricals & Rale Estate, Kasba Peth, Pune – 411011 Maharashtra, India.

info@csladda.com | http;//www.csladda.com

Other Services:

Fire (Petroleum and Explosive) Department approvals

SEZ (Special Economic Zones)

EOU (Export Oriented Units)

STPI (Software Technology Park of India)

PSARA License for Security Guard providing Agencies

Hotel Setup and Subsidies

Finding of land (especially in MIDC area) for Companies and do necessary things till allotment of land

RBI (Reserve Bank of India) various permissions and compliances

Recently we arranged FFMC (Fully Fledged Money Changer) license for Pune based Company where Company now Authorized to do business of Dollar or other foreign currency conversion against INR

FEMA (Foreign Exchange Management Act)

FDI (Foreign Direct Investment)

NBFC (Non-Banking Financial Companies)

Private Banking license (recent one week announcement by RBI)

​Tel: +91-20-24570055 | Office Cell : +91- 9284293227, 9309845448 |

Personal Mob. : +91- 7972422151, 9595271145 | Skype id: pramodladda

Ladda Bhutada & Associates : 2nd Floor, OM Apartment, SR No. 496/B, KCC Classes Lane,

Opp. R. M. Kabara Electricals & Rale Estate, Kasba Peth, Pune – 411011 Maharashtra, India.

info@csladda.com | http;//www.csladda.com