FFMC license online is a process that most who want to become Full Fledged Money Changers are not aware of. Even when they think they know the procedure, they only possess half knowledge. And nothing hurts more than having just part of information.
Thus, in order to provide all the information, we are going to make it simple for you. In this article, you’ll know how to get the FFMC license online the simple way.
Step 1: Don’t move one step without a consultant to help you
You might think that me saying that you need a consultant is I just shamelessly plugging my services. While that’s not untrue, hear me out. You need a consultant to guide you through the process of FFMC license, meaning that knowing the procedure is not enough. In fact, just knowing about the process won’t do anything for you if you don’t know what details you need to fill, what documents you’re required to attach, and what additional requirements you need to fulfil.
But an FFMC license consultant. Being someone who time and time again helps his or her clients get the license, he or she knows about the certain nuances of FFMC license application:
- A consultant knows what details you need to fill and what details you need to omit.
- A consultant knows how the Reserve Bank of India will perceive those details. And how that perception would factor in RBI’s decision to grant you the license.
- A consultant knows the types of additional requirements the Reserve Bank can ask of you before granting you the license.
So, your first way to make FFMC licensing process simple is find someone who can do it on your behalf.
Step 2: Ask the consultant about the documents that you need to acquire the application
“Sir, What do i need for this license?” – This question should be the first thing on your lips as soon as that consultant picks up the phone. Depending on the answer, you can either accept or reject his services. Following are the documents that you need to acquire the license:
- A duly filled application form
- Certificate of incorporation of your company or your LLP
- MOA of your company or LLP agreement of your LLP
- A description of the type of money changing services you provide
- Audited financial reports of your company.
- A certified net worth certificate of your company.
- A confidential report from the bank that proves that your net worth meets the eligibility requirement for FFMC license application.
- A demand draft of the FFMC license fees.
If the consultant provides you the exact list as above, you can choose to get services from him. However, if he misses even a single point, you’re better-of looking for a new consultant.
Step 3: Get the consultant to fill your application
After you’re given the list of documents that you need to attach to the application, you should give a go-head to the consultant to file your application. They will provide you with a timeline to fill the application form. In case they are non-committal in this regard, ask these consultants if they can fill the application form within a certain time.
Once you’ve reached a mutually agreed upon decision about the deadline, leave the consultant to conduct his job. He will inform you when the application form is filled or ask of you to provide additional documents. Once he fills the application form and submits it, he starts monitoring it:
- He will inform you as soon as RBI picks up your application.
- He will keep a close on RBI’s processing of your application, informing you all the stages of processing your application is in.
- In case RBI notifies that there are additional documents needed, your consultant will inform you quickly.
- In case there are corrections to be made in the application, you’ll be informed about it. However, the task of making those corrections will be of consultant alone.
- After everything is over and RBI accepts your application, you’ll receive your FFMC license.
FFMC license, full form Full Fledged Money changer License is a permit getting which is especially hard because of RBI’s strict application processing technique. To bypass this strictness and get the license on time, you need to make the process simple by letting a consultant do all the work. He will stand by your side throughout the process, even when your requirement is of FFMC license renewal.