APPLICATION FORM & REQUIRMENT FOR FFMC LICENSE UNDER SECTION 10(1) OF FEMA, 1999
- Name of location/s where the applicant proposes to conduct Money Changing Business (Please enclose copies of Licenses under Shops and Establishment Act )
- Date of establishment of the company (b) Name/s and address/es of the Directors of the company
- Copy of the Certificate of Incorporation of the company and copy of the Certificate of commencement of business of the company.
- Copy of Memorandum of Association together with a letter indicating the clause which provides for taking up money changer’s business.
- Confidential report from the applicant’s bank/s in CIR format.
- Net Owned Funds CA Letter.
- 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.
- Undertaking to post competent staff to handle the money changer’s business.
- A brief write up of the activities of the applicant/ nature of business.
- Any other particulars / special reasons the applicant may wish to state in support of the application.
- Bankers’ confidential Report
- 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.