What is FFMC and RMC?

An AMC may either be a Full Fledged Money Changer (FFMC) or a Restricted Money Changer (RMC). FFMCs are authorised to purchase foreign exchange from residents and non-residents visiting India, and to sell foreign exchange for certain approved purposes.

What is FFMC license?

A Full Fledged Money Changer (FFMC) is an authorized entity who may purchase foreign exchange from non-residents and residents of India and sell the same for private and business travel purposes only to the people visiting abroad.

What is FFMC banking?

select registered companies as Full Fledged Money Changers (FFMC) to undertake purchase of foreign exchange and sale of foreign exchange for specificied purposes viz. private and business travel abroad.

Who are Authorised dealers?

Authorised dealers are the institutions that have the license from the RBI to sell and buy foreign currencies. Most of the authorised dealers are banks.

How do you get a FFMC license?

Below, we have described step by step procedure for FFMC Registration in India:

  1. Step 1: Submit the application to RBI.
  2. Step 2: The applicant should fulfil the fit and proper criteria.
  3. Step 3: Review of Director’s fit and proper criteria by RBI.
  4. Step 4: Issuance of the Certificate of Registration.

Is Western Union a FFMC?

For more information, visit www.westernunion.com. Wall Street Finance Ltd, which specializes in Money Transfer Services (MTS) and Full-Fledged Money Changing (FFMC) business, is now part of the Spice Global Corporation, after acquisition by billionaire entrepreneur Dr. B.K.

What is TT selling?

What is TT selling and TT Buying? TT selling and TT buying rates are decided by particular banks based on their position with that particular currency with respect to home currency. It is basically rates at which other currencies are bought or sold in terms of home currency.

What is difference between dealership and distributorship?

He is the only source for the retailers and dealers to purchase that product in the area. Usually, a distributor is appointed by the company to sell their product on their behalf….Who is a Distributor?

Dealer Distributor
Deals in a particular category of product Deals with a variety of products