FFMC licence application requires prescribed documentation, statutory declarations, banker reports and maintenance of required net owned funds. Application for a FFMC licence under section 10(1) of FEMA, 1999 requires identity and corporate documents, memorandum clause authorising money changing, ... Summary
FFMC licence application requires prescribed documentation, statutory declarations, banker reports and maintenance of required net owned funds.
Application for a FFMC licence under section 10(1) of FEMA, 1999 requires identity and corporate documents, memorandum clause authorising money changing, directors' details, banker's confidential report, audited accounts with auditor's certificate of Net Owned Funds, declarations of no pending investigations, undertaking to post competent staff and comply with Reserve Bank directions, nomination of authorised foreign exchange persons, and supporting particulars; enclosures and minimum Net Owned Funds thresholds for single and multi branch operations are specified.
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