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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.

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.

Who is eligible for the FFMC license? Be registered under the Companies Act. The object clause of its MoA must mention the main activity will be FOREX currency exchanging activity. Also, the company must not have any ongoing legal case against it with the Department of Enforcement or Revenue Intelligence.

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.

Authorised Money Changers (AMCs) are companies that have been approved by the Reserve Bank of India (RBI) as per Section 10 of the Foreign Exchange Management Act of 1999. Under which, an AMC may either register as a Restricted Money Changer (RMC) or a Full Fledged Money Changer (FFMC).

Money changers would assess a foreign coin for its type, wear and tear, and validity, then accept it as deposit, recording its value in local currency. The merchant could then withdraw the money in local currency to conduct trade or, more likely, keep it deposited: the money changer would act as a clearing facility.

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.