Shape Currency License For Free

As mentioned under Section 10 of the Foreign Exchange Market Act, 1999, only sanctioned money changers (AMCs) can indulge in currency exchange activities. No person has the authority to promote their money-changing business till they obtain a valid FFMC license released by the RBI.

An (FFMC) Full Fledged Money Changer License can only be applied for by an organisation registered under the Companies Act of 2013. To apply for a single-branch licence, your firm must have Net Owned Funds (NOF) of at least INR 25 lakhs; for a multiple-branch licence, the minimum NOF requirement is INR 50 lakhs.

Individuals and businesses interested in dealing in foreign currencies must first obtain an FFMC licence from the Apex Bank, the Reserve Bank of India. The holders of such a licence have the power to buy foreign exchange from NRIs (Non Resident Indians) and sell it to Indians going abroad for business and travel.

By following the 5 steps listed below, you can start your trading journey in currencies in a smooth and efficient manner. Get to know what drives the market. ... Choose the right broker. ... Establish your financial goals and targets. ... Practice with virtual trading. ... Start slow and go easy on your trades.

The applicant has to be a company registered under the Companies Act, 1956/ Companies Act 2013/ Registration of Companies (Sikkim) Act, 1961, having a minimum Net Owned Funds (NOF) of INR 25 lakh to apply for a single-branch FFMC licence and INR 50 lakh to apply for a multiple-branch FFMC licence.

The applicant has to be a company registered under the Companies Act, 1956/ Companies Act 2013/ Registration of Companies (Sikkim) Act, 1961, having a minimum Net Owned Funds (NOF) of INR 25 lakh to apply for a single-branch FFMC licence and INR 50 lakh to apply for a multiple-branch FFMC licence.

In order to become a Forex dealer, an individual must have a Master's degree in Finance. After passing out from 12th grade, students can take up Finance, Banking, Marketing and Business Management courses in UG. For taking up PG courses, the candidates need to clear entrance exams like CAT, MAT, GMAT, ATMA, XAT etc.