“Money Changer License for Sale” – is a keyword that our experts have been finding a bit too much online. Too many people are searching for it in hopes that there might be someone who can remove their worry of actually filing the FFMC license application and they can just buy it instead.
As a result, the number of people that have been duped by this offer is disturbingly high. Most of the sites that are claiming to give you money changer license for sale, are themselves have been flagged by the Reserve Bank of India.
However, the funny and even more disturbing thing here is people seem to know that the you can’t by the license from the RBI, FFMC procedures have to followed first. But they still are willing to take a crack at buying the authorization to become a money changer in India.
So, why you can’t get money changer license for sale? Let us give you a list of reasons.
Money Changer License in India is more than just to start money changing business
An FFMC license gives you the power to not just exchange foreign currencies for tourists and national citizens, it also gives you the power to hold foreign currencies. Generally, the Reserve bank of India only allows a few domination notes of foreign currency to be in possession of a common man. But, that’s not the case with those who hold Full fledged money changer license. The reserve bank of India has practically authorized them to keep as much foreign currency notes as they want. As long as these notes are accounted for by the RBI, the authority don’t bother the money changer.
To issue FFMC license, RBI also issues a certificate with your name on it
An FFMC license is not just some random license with a registration name , it has the identity of the one who has applied for it. Even if you could buy the license, there is a chance that you wouldn’t have your name on it. And even if you somehow manage to get your name, it won’t have the stamp of the Reserve Bank of India. And if you start doing business using it and someday, RBI decides to inspect you, you’re going to be in a lot of trouble.
There is a digital record of those with Full Fledged Money Changer Registration
The days where all your records were only present in dusty old books are over. As everything is now digital, there is no license that anyone can hide. In fact, even those holding FFMC license for the last 50 to sixty years, had to renew it online and basically dematerialize the license into an online form to gain legitimacy. “Buying” a money changer license won’t put your name in RBI’s FFMC license list, and that’s why, you can’t buy it.
There is no validity of a license that you’ve bought
To ensure that everyone has the right license, RBI’s FFMC rules say that the bank has to specify the date until which the license is valid. An invalid license – the one you’ve obtained on sale – won’t have this date. In case you do have a date, your details won’t be logged into the system. As you won’t have a validity or your information logged in the official RBI database, your license won’t have any value. You can say that you FFMC license will be cancelled way before it’s allowed to operate.
With new businesses, new complexities and new fraudulent elements emerge. They are the reason “money changer license for sale” has become a buzzword. Don’t believe in it. And if you need help getting it to start your money changing business, consult with us. We can’t sell it to you, but we can show you the way so that you can get it easily.