FFMC license is a mandatory requirement if you want to start a money changing business. However, the Reserve bank of India would only issue you the license if you agree to follow with its terms and conditions. If you don’t, or if there are other justifiable reasons, you can lose the license pretty easily.
What are those rules? What is the condition that can waste your FFMC license fees and make the RBI revoke your permission of doing money changing business? Unfortunately, there are not many. There are two broad categories of conditions that RBI can use to revoke your license at any time.
In this blog, we are going to take a look at those conditions. Additionally, we will tell you how to ensure that you’re able to hold your FFMC license till the time you need to file FFMC license renewal.
The process of obtaining FFMC license online isn’t an easy one. One has to first become eligible to even file the application. And even then, if you only take all the right steps, you’re granted the FFMC license. EVEN THEN, you know how the government works, don’t you? You might take all the right steps and provide all the right documents, but the RBI, to test you, might create new obstacles to stop you from getting the license. And if some how you do get the money changer license in India, the Reserve Bank still holds over you.
Following are the reasons RBI doesn’t shy away from revoking the FFMC license:
Let’s now discuss the two reasons RBI might revoke the license:
Despite the vague reasons of why RBI takes away the license, you can retain your FFMC license with the aid of FFMC license consultant. These consultants can help you in the following ways:
RBI doesn’t have to give a lot of reason to cancel your FFMC license. It’s up to you to stay vigilant, follow the rules and don’t make mistakes to ensure that your full-fledged money business isn’t destroyed. If you want assistance in this regard, our FFMC license consultant are ready to render their services.
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