FFMC License is issued by Reserve Bank of India. It is the highest authority of India that deals with India’s economic and monetary matters. It’s because of this reason that FFMC license applications are often cancelled. So, If you have been down this road before, and have indeed gotten your FFMC license cancelled, you might have one question.
What to do next?
Business licenses are no funny matter. While sometimes, you can redeem yourself by reapplying for business licenses, other times you can be banned for life. Thankfully, it’s the former case when it comes to FFMC license. RBI has put forward special provisions that allows certain individuals to re apply for the license if it has been cancelled before.
How does RBI decide whether to give you the right to reapply for FFMC license
Not everyone deserves a second chance – that’s the mantra that Reserve Bank of India has embraced when deciding to allow someone to reapply for FFMC License.
Keeping that in mind, following are the terms that it has put forward that can make someone eligible for apply for FFMC license again.
- The RBI shouldn’t have cancelled the license in the interest of public: If the Reserve Bank of India cancelled your previous license in the interest of public, you can’t re apply for it.
- Your FFMC business shouldn’t have been considered fraudulent by the RBI: If the RBI took away your Full Fledged Money Changer License in India (FFMC) because you were involved in less than ethical work, allowing you to re apply would be considered against public interest.
- You should have surrendered your license on your own volition: If you surrendered your previous license by yourself, Reserve Bank of India don’t have any issue with you applying for it.
- You shouldn’t have attempted to gain the license through sale: If you’ve tried to acquire the license from those claiming to have money changer license for sale, RBI will consider you an applicant with dubious intent. Thus, you won’t be allowed to file another application for it.
- You have to present the reason the previous license was cancelled: Reserve Bank of India, can grant you another license if your reason sounds legitimate enough to be of consideration.
How to apply for FFMC license when your license was cancelled
Even if your previous name was removed from the FFMC license list, you don’t have to follow a different method to again file the application. However, you’d need to provide additional documents such as follows:
- FFMC license application of previous license
- FFMC license number that you held previously
- Reason that was given to cancel your license
- Notification detailing the cancellation of your FFMC license
The rest of the process and the documents would be the same.
If you have gotten your previous FFMC license cancelled, few things can stop you filing another money changer license application. However, keep in mind that you can only regain your license, if it was cancelled for non-unethical reasons. For more information about this license, and to consult with our FFMC consultants, reach out to us.