There are the following points to remember before taking FFMC License in India.

• Full Fledged Money Changer licence can be applied for by entities other than banks.
• Every year, the FFMC licence must be renewed. As a result, an application must be sent to the RBI, together with all required papers.
• A net owned fund of Rs. 25 lakh for a single branch and Rs. 50 lakh for multiple offices is required for an application to receive FFMC.
• FFMCs must keep all documents pertaining to currency trading for future due diligence.
• According to the RBI’s guidelines, FFMC must undergo a periodic audit. As a result, if it is violated, the licence may be revoked.

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