Why you should become a Full Fledged Money Changer?

A Full Fledged Money Changer is Fully Committed to helping people by giving them the currency that they need.

Ever since India became part of the globalized world, which was a very long time ago,  international tourists often find themselves willing to spend on tourists destinations that we provide. On the other hand, the increased spending power has led many parents willing to send their children to an outside country.

Those two factors have led to the increase of a particular type of business – exchanging currencies.

Changing the rupee for dollar when people want to travel internationally or vice versa when international folks get lost in India’s tourist destination is not a new business. However, ever since the Reserve bank of India took the gloves off and even allowed a startup to become a money changer, the demand of the FFMC license has risen to sky high.

So, why should you apply for the FFMC license? And most importantly, why should you become a Full Fledged Money Changer?

We finally have the answer for you.

Moving the Foreign Exchange Business Forward

As per the FEMA act, it’s necessary for the Foreign exchange business to adhere to the principals of foreign trade even at a micro scale. The task might appear small, but when one is a behemoth in the field of foreign exchange, taking care of the small rules, regardless of their importance, can be seen as pedantic.

That’s where a small level Full Fledged Money Changer comes in. Those with the FFMC license, can actually provide sale facilities  to the foreign exchange companies. These little facilities can take care of the small points mentioned in the code of ethics. In doing so, the large organization can enjoy a lot of benefits.

But what about you? How does helping a foreign exchange business benefit you?

You are the root of foreign exchange business. I

f you move it forward, you become stronger. When you become stronger, you get one step closer to go at the same level, or even higher to those you provide sale foreign exchange facilities to.

Issuing Encashment certificates

There is only a limit to how much foreign currency a non licensed individual can hold. If they have more money that regulations require, they have to get encashment certificates. As someone with the FFMC license, you have the power to issue encashment certificate.

It gives you another set of clients for your business. Ones that might now come to you for exchanging their currency, but instead are looking to legalize the amount of foreign currency that they own.

Foreign Exchange activities

Depending upon the size of your company, getting FFMC license online or offline will allow you to perform foreign exchange activities. The list of such activities entail:

  1. Taking out and bringing in foreign exchange
  2. Purchase and sale of foreign currency
  3. Sale of foreign exchange
  4. Providing currency exchange as per the accurate exchange rate
  5. Sale against reconversion of Indian currency.

These activities might seem quite niche, but they are not. At the right location, your Full-fledged money changing business can flourish. All you need first is the aid of right consultants.

There are always consultants that you can ask help from

One of the biggest advantages of become a full fledged money changer is that someone is always there for help. Whether you’re asking the Reserve Bank of India or FFMC license consultants, you’ll always have access to expert assistance.

The altruistic nature of this license has caused the RBI to significantly reduce the FFMC license fees.

And, after being inspired by the helpful nature of the RBI, FFMC license consultant like Registrationwala provide end to end FFMC license assistance, at a low price.

Conclusion

Becoming a catalyst of growth, as a Full Fledged Money Changer, you hold the power to change the nation, and directly enjoy the bounties of that change. You can provide services that people seek, but don’t know how to ask.

Above all, you’ll always have assistance of the right kinds of experts. They would file your application do the needful on their own, as you get freedom to focus on your actual business.

For more information about FFMC license in India, consult with Registrationwala.

Why you should become a Full Fledged Money Changer? An FFMC is an international business that costs little. Learn how you can tap into an international market by only investing small. And for more information, reach out to Registrationwala.

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