Tag Currency License For Free

Only a business listed under Companies Act 2013, can submit an application to get an (FFMC) Full Fledged Money Changer License. The business should have at least Net Owned Funds (NOF) of INR 25 Lakhs to apply for a single-branch license and INR 50 Lakhs to get a multiple-branch license.

You must express the amounts you report on your U.S. tax return in U.S. dollars. Therefore, you must translate foreign currency into U.S. dollars if you receive income or pay expenses in a foreign currency. In general, use the exchange rate prevailing (i.e., the spot rate) when you receive, pay or accrue the item.

A currency transaction report (CTR) is a bank form used in the U.S. to help prevent money laundering. This form must be filled out by a bank representative whenever a customer attempts a currency transaction of more than $10,000.

Foreign exchange is also important when a country is investing in another. If the US is investing in India, it has to invest in rupees. Such transactions create a demand for foreign exchange. This is why the foreign exchange market is important.

25 lakhs towards applying for a single branch license as well as Rs. 50 lakhs for a multiple branch license. The object clause of Memorandum must reflect the action of money changing to be pursued through the corporation.

FFMC License Process Incorporate your business as an FFMC Company. Get your documents ready. File the application for FFMC License. Wait for RBI to process the application. Get FFMC License.

Yes . Always obtain the receipt from your money changer and keep the receipt with you while travelling abroad as it will establish that you have acquired foreign currency from a legal source. Some times authorities at foreign airports ask the source of your Dollars and you can show that receipt.